I just have to post this from Fulfilled Prophecy:
Understanding your national debt
by st louis steve on Sat Jan 07, 2012 7:42 pm
If anyone is having trouble understanding your national debt , then these two lessons will bring you up to speed!!!
(for the sake of your kids & grandkids)
Why the U.S. was downgraded:
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget:
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card:$142,710
• Total budget cuts: $385
OK now Lesson # 2:
Here’s another way to look at the Debt Ceiling:
Let’s say, You come home from work and find there has been a sewer backup in your neighborhood….and your home has sewage all the way up to your ceilings.
What do you think you should do?
1. Raise the Ceilings, or
2. Pump out the sewage