My Dad sent me a very simple analogy to help people understand the size and scope of our national debt and deficits and the amount being fiercely debated by Congress to "rein in spending." Here it is:
* 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: $ 38,500,000,000Let'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
The lesson? When trying to digest the Federal budget and deficit remove eight zeros and put it in your terms/household. For a real time look at the deficit and debt click in on the U.S. Debt Clock. And remember, you are a co-signer on that credit card.
Dennis C. Smith, California Dept. of Real Estate Broker #00966315 Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
Dennis C. Smith, California Dept. of Real Estate Broker #00966315
Stratis Financial Corporation, California Dept. of Real Estate Broker #01269597
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