I received a document in my email the other day that put into picture the situation America has with its debt & the problem with the recently confirmed budget cuts. The full document is available for download here, originally from a law firm called Hailey, McNamara, Hall, Larmann & Papale, L.L.P.:
The document very succinctly put into 5 brief lines America’s budget/debt issue by simply removing EIGHT ‘zeroes’ from the end of each line and putting the US income/debt into numbers people can wrap their heads around by imagining a fictitious family named “Jones”:
- Total annual income for the Jones family: $21,700
- Amount of money the Jones 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: $385
Now obviously the actual negotiated change is more complicated than that, but to be honest, that’s really what the outcome is at this point in time. We cut <1% of the budget.