Also the following comparison between government financial affairs and a comparable American family really put this financial mess into perspective for me
All this budget talk running into the trillion is really confusing for the average American. Let’s do a simple math exercise consisting of just removing 8 zeros from the budget numbers to make the dollar amounts something we can compare to an average Americans debt to income ratio.
- Annual Income: $21,700
- Yearly Expenses: $38,200
- Yearly New Debt: $16,500
- Outstanding Credit Card Balance: $142,710
- Budget Cut as just passed by Congress: $385