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“Fiscal Cliff” put in a much better perspective.
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: $14,271,000,000,000* 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* Outstanding balance on the credit card: $142,710* Total budget cuts so far: $38.50
Got It ??.......OK now, 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....your home has sewage all the way up to your ceilings.
What do you think you should do ......Raise the ceilings, or remove the crap?
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