This is shocking news. Either receipts are collapsing or spending is spiraling or both.
Not shocking at all. It has been predicted for some time. You can track it month by month and see that it would happen this year or early next year.
This crap just will not end, we are screwed here unless something happens very soon.
This puts things into a much better perspective as to the present economic situation. and it took a person from Canada to do it !!!
Lesson # 1:
* U.S. Tax revenue: $ 2,170,000,000,000.00
* Fed budget: $ 3,820,000,000,000.00
* New debt: $ 1,650,000,000,000.00
* National debt: $ 14,271,000,000,000.00
* Recent budget cuts: $ $ 38,500,000,000.00
Let’s now remove 8 zeros and pretend it’s a household budget:
* Annual family income: $ 21,700.00
* Money the family spent: $ 38,200.00
* New debt on the credit card: $ 16,500.00
* Outstanding balance on the credit card: $ 142,710.00
* Total budget cuts so far: $ 38.50
Got It ?????
Lesson # 2:
Here’s another 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 ceilings.
What do you think you should do ......
Raise the ceilings, or remove the crap?