
Originally Posted by
Mr Hyde
I pulled this together from some stuff I've read and plagiarized...it's a simplification of how deep a hole we're in WRT to our national budget deficits, revenues, and debt. Here are very round numbers of what we take in and spend at the federal level...
U.S. income (mostly tax revenues) is $2,170,000,000,000. That's $2.17 trillion dollars that the US collects in revenue at the federal level. Now, some other numbers....
- Federal budget: $3,820,000,000,000 (what the US passed last year)
- New debt: $ 1,650,000,000,000 (the difference between revenues and budget)
- National debt: $14,271,000,000,000
- Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
Now, if we analogize this to a typical American family's budget, here what those numbers would look like....
- Annual income for the family: $21,700
- Amount of money the family spent: $38,200
- New debt added to the credit card: $16,500
- Total amount owed on the credit card: $142,710
- Amount cut from the family budget: $385
-Amount that the credit card will have next year with this budget cut-$158,825
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