I saw this and thought I’d share…
Pretty good explanation for those that do NOT see a problem with the Unites States’ finances, or, have a hard time grasping the big numbers.
The five lines below tell us where U.S. financial woes come from, a good and simple analysis for those who believe S & P was too strict and out of line…here’s why the US was downgraded…
• 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 cut: $ 38,500,000,000
Now, let’s remove 8 zeros and pretend it’s your own 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: $385.
Hope that makes it clearer.