America's Fiscal Reality
A friend of mine in Texas republished some recent financial numbers:
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 cut: $38,500,000,000
Most people glaze over such numbers so he then equated it in simpler terms:
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
small dead animals
Nice one.
Here's an analogy from a recent comment section on another site:
America marinates in self deception. Since our current national debt
of $14.6 trillion is 146 times $100 billion, we will take 146 years to
pay it off at the rate of $100 billion per year, interest not included.
The interest is $250 billion per year. Once we add that in, our new
total pay off amount is $29 trillion, but could go much higher.
However, we plan to borrow much more: $7 trillion more in just the next
10 years. That will mean an additional 70 annual payments of $100
billion each, interest not included. So, our payoff time will increase
from 146 years to 216 years. This is called generational theft.
Can you imagine?
Debtor says, "I want another loan."
Creditor responds, "How much do you owe?"
Debtor says, "So much I need at least 146 years to pay it back."
Creditor says, "Tell me your plan."
Debtor says, "I have no plan to pay it back. I will only pay the interest."
Creditor says, "You want your kids, grand kids, and great grand kids to
pay it back?"
Debtor says, "Do what?This is about me. It will be very painful for me if I do not
get the loan for my needs. I will print some money, too."
Creditor says, "But you have no plan?"
Debtor says, "I plan to borrow 6.5% more year over year instead of 8% more year over year."
Creditor says, "You owe so much it will take 146 years and counting to pay it back, you have
no plan to balance your budget, you print money, you plan to borrow 6.5% more each year than you did the year before...
forever, you dump all your debt on 3 future generations and counting and refuse to repay one dime yourself,
and you want us to believe that you have integrity, and are worthy of full faith and credit?"
Debtor says, "I want what I want when I want it, and I want it
right now for my needs. Give me the loan."
