Please Tell Me How This Mess Gets Paid Off??? Created by cbutcher on 9/28/2011 5:17:52 PM
America's debt crisis is in the trillions… more than $14 trillion. That's a lot of zeros.
Instead of trying to wrap your arms around that huge number, here’s what the federal debt crisis would look like if you set it up as a household budget:
A Tea Party group estimates the government "household" spends nearly twice as much as it takes in every year, has a credit card bill nearly seven times annual income and cuts back less than 2 percent of that spending in an effort to control the debt.
With those stats in mind, if the government was a household, it would have an average family income of $21,700. The figures show that the "family" spent nearly twice that in a year-- $38,200 -- and has an existing credit card balance of a whopping $142,710.
On top of that, when you factor in the 2% budget cuts, the government "household" only saves itself $385 per year.