A Little Perspective, Please

Got this today. Here are the numbers we are dealing with in the U.S. economy:

U.S. income: $2,170,000,000,000

New debt: $ 1,650,000,000,000

Federal budget: $3,820,000,000,000

National debt: $14,271,000,000,000

Budget cut: $ 2,100,000,000,000 ( CBO estimated )/ Annualized over 10 years (210,000,000,000)

It helps to think about these numbers in terms that we can relate to.
Let’s remove eight zeros from these numbers and pretend this is the household budget for the fictitious Smith family.

Total annual income for the Smith family: $21,700

Amount of money the Smith family spent: $38,200

Amount of new debt added to the credit card: $16,500

Outstanding balance on the credit card: $142,710

Amount cut from the budget: $2100

So in effect last month Congress, or in this example the Smith family, sat down at the kitchen table and agreed to cut $2100 from its annual budget. What family would cut $2100 of spending in order to solve $16,500 in deficit spending? Simple, no?

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7 Responses to A Little Perspective, Please

  1. James says:

    Isn’t this a symptom of mental illness in the Smith family?

  2. Rockheim says:

    No… Merely that the Smith’s are liberals.

  3. Woodface says:

    Dont forget to tell the Smiths to cut their three dollar corporate jet credit.

  4. PDinPDX says:

    that’s $2,100 not spent over 10 years – which actually means the Smith family decided to not spend $210 per year – even more disgusting now isn’t it – just sayin’

  5. Uke says:

    PD brings up an important point. It ain’t even as “fiscally responsible” as $2.1T now. It’s cutting $210B every year. While our deficits are around $1.5T now (and projected to increase over the next 10 years.

    The lack of seriousness in addressing our debt trajectory is simply staggering.

  6. ejj petlone says:

    Jim:

    Your numbers are off. Taking the eight zeros off of 2,100,000,000,000 would be a budget cut of 21,000. (2,100,0///00,000,000)

  7. TN_Cat says:

    ejj
    Jims numbers are right. You take the 8 digits off the annualized cuts. 210,000,000,000 is the annual projected cut.