The U.S. National debt is over 14.2 TRILLION Dollars. And our annual Federal revenue is 2.2 TRILLION Dollars.
That means we, as a country, owe more than six times what we take in.
Hardly anyone can really fathom what a trillion dollars is. A trillion is a thousand billion. And for a jaw-dropping graphical illustration of one trillion dollars, go to PageTutor.
So let’s bring this down to something understandable—like a family’s finances.
Take a family earning $100,000. To make a comparison of earnings to debt equal to the Federal Government, this family would owe over $600,000.
Maybe their house and other fixed assets are worth half that, say $300,000. That still leaves another $300K in unsecured debt.
I expect there are a few families in America that have this depressing ratio, but I would hope not very many. And they would be hard pressed to get another loan with such a poor debt-to-income ratio.
And now our Congress is debating as to whether we should cut 66 billion dollars from our annual budget. That’s less than half of one percent of the national budget.
Would a family in trouble (owing over $600K while earning only $100K) think that shaving $500 from their expenses was a serious effort?
I don’t think so. And I don’t think you do, either.
Write/call your congressman and tell him/her to wake up and do their job.
They should not be “fiddling while Rome burns.”
Because America—and other developed countries—are on the brink.