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US Economy explained
This is really well put, in terms the average person can understand…..
This rather brilliantly cuts thru all the political doublespeak we get...........
Food for thought..... This puts it into a much better perspective and is
the same for many countries in Europe ...
Why the U.S. was downgraded:
* U.S. Tax revenue: $2,170,000,000,000
* Fed 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: $385
Got It ?
Yep, got it.
The credit card limit is unlimited, so the family can still go out and buy a new telly, car, vacation etc.
The bank can't do anything about it as the family are their biggest customer.
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