"Fiscal Cliff" in Plain English
richardoneill at earthlink.net
Sun Dec 23 10:16:45 CST 2012
Now I understand!!
Lesson # 1:
* 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: $16,271,000,000,000
* 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
* Balance owing on the credit card: $162,710
* Total budget cuts so far: $3.85
Got It ?
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
What do you think you should do - Raise the ceilings, or remove the crap?
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