For those of us who aren’t good with numbers that are too large to fit on our cheap pocket calculators, an easy-to-understand explanation of the mess our elected representatives in Washington have created:
Here’s why Standard & Poors downgraded the U.S. credit rating.
U.S. tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cuts: $38,500,000,000
Now remove 8 zeros and pretend it’s a household budget.
Annual family income: $21,700
Money spent by family: $38,200
New credit card debt: $16,500
Outstanding balance on credit card: $142,710
Total budget cuts: $385