Let’s keep it simple

Is this perhaps why S&P downgraded U.S. credit rating?

  • Tax Revenue *              $   2,162,000,000,000
  • Spending *                    $   3,456,000,000,000
  • Deficit/New Debt *      $   1,294,000,000,000
  • National Debt (est)      $ 14,271,000,000,000
  • Budget Cuts (est)         $        40,000,000,000

Let’s remove some zeros (as I mentioned in this post really large numbers can sometimes get a little confusing) and look at this as if it were your Household Budget.

  • Family Income                                $   21,620
  • Family spending                             $   34,560
  • New CC Debt                                  $   12,940
  • Outstanding CC Debt                      $ 142,710
  • Total Budget Cuts                           $        400

Does that Household Budget make sense? Neither does the other one!

* Source: CBO Fiscal 2010

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