America's Fiscal Reality
A friend of mine in Texas republished some recent financial numbers:Now...does that make things a little easie to understand? Or...to put them in Mr. Surber's words:
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 cut: $38,500,000,000
Most people glaze over such numbers so he then equated it in simpler terms:
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
Finally, he wrote: "This is an impossible way for a family to survive. Bankruptcy is the only way out. This family is headed for complete failure."
P.S. Keep in mind that anyone who "dares" suggest that much more should be done to get America's fiscal house in order: is mentally unstable, wants to destroy their country, is a terrorist, and/or is a right-wing extremist. So says Obama's foot soldiers in government and in the MSM.
What I don't understand is how our current political elite can justify continuing spending at this rate? Are they stupid? Retarded? Do they think that the bills just won't come due? They're coming due at a rapid rate...and we just can't continue spending like this. The GOP & Democratic leadership had better understand, that the time for insane spending is over.If anyone is wondering why we are in financial straits as a nation, consider that the president we elected in 2008 spent more money than anyone has ever spent in any election anywhere — 50% more more than John McCain — just to finish 6 points ahead on Election Day. President Obama is not exactly a penny-pincher or even a Benjamin-pincher. A Democratic Congress gave Obama a boxload of blank checks. The amount of misspending by this administration is nearly impossible to comprehend for most of humanity, and so Kate at Small Dead Animals put federal spending in terms of a family’s spending, but the numbers she described were rather lowball.She gave the annual income of this family as $21,700. But the median household income in 2009 (the point where half earn less and half earn more) was $50,277. So I will adjust her figures accordingly.Family income: $50,277.
Family spending: $88,506.
Added to the credit card: $38,229.
Outstanding credit card debt: $330,646.
Proposed cuts: $829.That $829 cut means we will borrow another $37,400 next year.But some will say it is a mortgage not a credit card. If so, we just took out a home equity loan of $38,229 last year on a house that is already underwater.Barack Obama may do things this way. But not the rest of us.