A Coming Economic Earthquake?
With the “fiscal cliff” looming, I rather like this comparison of the federal budget fiasco currently underway to a typical family budget that a friend recently showed me.
|US tax revenue||$2,170,000,000,000|
|New annual debt||$1,650,000,000,000|
|Existing National debt||$16,000,000,000,000|
|President Obama’s budget cuts||$4,000,000,000|
Remove 8 zeros and view this as if it were a regular household budget:
|Money the family spent||$38,200|
|New debt on credit card||$16,500|
|Outstanding credit card debt||$160,000|
|Total budget cuts so far||$40|
So, for all the posturing and criticisms going back and forth between Republicans and Democrats, the net affect of the proposed budget cuts (over 10 years, no less!) is negligible to the point of being meaningless.
Well, I’m feeling depressed motivated now. And depressed, too. Perhaps it’s too late to avoid the “coming economic earthquake”. Hey, someone really should write a book with that title.