On Aug. 3, 2011, Standard and Poors downgraded the credit rating of the United States of America for the first time ever. With the budget being so large, it is difficult for the average person to digest the numbers and see how dire the consequences are.
So, lets try to simplify and put it in a manner that we can relate to in our every day life.
U.S. tax revenue: $2,170,000,000,000
Federal 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 remove eight 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
Does this help to clarify the figures in a manner in which we can understand them? How long would we be able to continue to borrow and continue any life style or even manage to provide food, clothing and shelter for our family?
People, we must wake up and remove this man, Obama, from office and get this runaway spending under control and save our country. If he should win another four years as President, we can kiss this county goodbye and adjust to the life style of a third world nation.
El Dorado Springs