THURSDAY, AUGUST 11, 2011
It makes no difference if you're a Democrat, Republican, Independent, Liberal or Conservative; understanding the federal budget and deficit can be mind-boggling. This came to us via email and helps to bring the issue into terms we can all understand - very simple actually.
• U.S. Govt. income Taxes - Revenue: $2,170,000,000,000
• Federal budget - Expenses: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cut: $ 38,500,000,000
Let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
• Total annual income for the Jones family: $21,700
• Amount of money the Jones family spent: $38,200
• Amount of new debt added to their credit card: $16,500
• Outstanding balance on their credit card: $142,710
• Amount cut from their budget: $385
Doesn't take a Harvard economist to figure out the Jones family has some serious issues...