COMMENT FROM ROSS GREENWOOD (Financial presenter on Australian morning TV show)
Reality pill needed for Australians.
This is really well put, in terms the average punter can understand… It cuts through political doublespeak and provides clarity.
USA Today
Lesson # 1:
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 Tervetuloa Internet Casinot . card: $142,710
* Total budget cuts: $385
Got It ?????
OK now Lesson # 2:
Here”s another way to look at the Debt Ceiling:
Let”s say, you come home from work and find there has been a sewer backup in your neighbourhood … And your home has sewage all the way up to your ceilings.
What do you think you should do?
Raise the ceilings, or pump out the (ummmm) “effluent”?
