August 12, 2011
This was in my email this morning, interesting way to look at things....
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:
U.S. income: $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 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Therefore, let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family.
· Total annual income for the Jones family: $21,700
· Amount of money the Jones family spent: $38,200
· Amount of new debt added to the credit card: $16,500
· Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
If this was your household financial statement would you be comfortable?
Posted by Dooley at 8:01 AM