Circulating on the Internet: The economy in simple terms
Here’s a simple way to compare the American economy under President Obama to a simple home budget. How long could you run your household overspending this much, knowing your kids would have to pay whatever you owed after you died?
Linked on the internet @: http://www.uglyhedgehog.com/t-54169-1.html
* 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: $ 38,500,000,000
Let’s now remove 8 zeros from each of the figures 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 so far: $385.00
All Americans and our kids can do for the time being is to hope for a change in the November 2012 elections! What would four more years of this overspending do to your household – bankruptcy, that’s what because you can’t print more money.