Economics in Two Lessons
Lesson # 1:
US 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: $38.50
Got it ?
Lesson # 2:
A different 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 ceiling.
What do you think you should do?
Raise the ceilings, or remove the crap?