27 February 2013
DEBT LIMIT - A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY.
For those with short attention spans:
Total Household Debt: $140,000.00
Household Income: $21,000.00
Household Spending: $38,200.00
New Debt: $16,500.00
Amount Cut: $385.00
Translated to the Federal Government:
Total Federal Debt: $14,000,000,000,000.00
Federal Income: $2,100,000,000,000.00
Federal Spending: $3,820,000,000,000.00
New Debt: $1,650,000,000,000.00
Amount Cut: $38,500,000,000.00
Either way you look at it, it's only about 1% of the budget. Let's keep in mind this video was made about a year ago with the original budget deal. The new budget deal calls for "800 Billion" in cuts... [over 10 years], or about 80 Billion a year. Pretty much all the other numbers are about the same, except the income has increased to around 2.3 Trillion a year. The new "cuts" will amount to only around 2% or about double the original budget deal a year ago.
If the new numbers were put into the video the amount the guy had "cut" from his budget would be around $800.00 a year, instead of $385.00 a year. Either way we're talking about tiny, insignificant "cuts" that only perpetuate the incredible levels of spending.