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The Debt and Deficit Explained

I am not a Rocket Scientist. I majored in Math in college. I am having trouble getting my mind around the BIG numbers and the basic arithmetic regarding America’s debt, the deficit, and budget cuts. A friend sent me an email that brilliantly cuts through all of the political doublespeak. So let’s look at some basic facts.

ü U.S. Tax revenue: $2,170,000,000,000

ü Federal budget: $3,820,000,000,000

ü New debt: $ 1,650,000,000,000

ü National debt: $14,271,000,000,000

ü Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget.

ü Annual family income: $21,700

ü Money the family spent: $38,200

ü New debt on the credit card: $16,500

ü Outstanding balance on the credit card: $142,710

ü Total budget cuts: $385

I would never consider managing my home budget in such a manner that would jeopardize my credit rating.

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 your ceilings.

What would you do?

Spend money you don’t have (see above) to add a few more floors to your house to raise the ceilings, or pump out the sewage?

Simple choice from where I sit. Pump out the sewage in November 2012!