Fiscall Cliff Explained

“Fiscal Cliff” put in a much better perspective

 Lesson # 1:
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 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: $385
Got it?…. OK now…


Lesson # 2
Here’s another way of looking 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 do you think you should do?
Raise the ceiling or remove the ****?