This one I had to share! You know how everyone is throwing around the word “Fiscal Cliff”, almost like saying the world is coming to an end?
The writer puts it in a way that’s easy enough for anyone to understand
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“Fiscal Cliff” put in a much better perspective.
Lesson # 1:
* 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 card: $142,710
* Total budget cuts so far: $38.50
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 neighborhood….
and your home has sewage all the way up to your ceilings.
What do you think you should do ……
Raise the ceilings, or remove the s**t?
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Got it?
Don’t make a general scenario personal. Use the knowledge to examine your own financial practices and see what you can do to improve things.
Look around you – there are many people who are flourishing in this “not-so-great” economy. Why not you?
Make up your mind to be one of the flourishing people – DO WHATEVER IT TAKES!
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PS: Image insert courtesy of Wikepedia
I’m not sure of the author of this explanation – it was forwarded to me in an email. I’ll be happy to ascribe it to the original author if anyone knows who it is. It’s simply brilliant!
