“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: $38.50
Got It ?????
Lesson # 2:
Here's another way to look at the Debt Ceiling:
Let's say, You come home from work and find
there has been a sewer backup in your neighborhood....
and your home has sewage all the way up to your ceilings.
What do you think you should do ......
Raise the ceilings, or remove the #$@%?
There should be a corresponding cut in expenditures by government for every dime of tax increase.
Be nice if it could be two to one.
To only increase the tax burden on those who are wealthy serves to take away venture capital for our private industry and from those involved in free enterprise. There fore reducing job opportunities.
Obama, one lie after another!
Cut this crap out, we can leave SSI alone...
Sheran, I was thinking if things do not work out with your present significant other, then you should marry your soul mate: TOT.
One lie after another from our news media is what has really brought us to this situation.
Vladimer Putin Russia's Prime Minister said that Obama and the American Democratic Party are either idiot's or they are deliberately trying to wreak the American economy.
I don't know if it is intentional or not but the economy has never been in this bad of shape in my lifetime.
Sheran and JMack I wish you both and everyone else who visits this site a very Merry Christmas.
Maybe next year we can become a little more mature in the way we engage in our exchanges of point of view.
Question for the graduate.
Did you read the part about the FEDERAL RESERVE BANK being broke as in out of money???????????????????????????????????
JM what sayest thou?
I meant to post that the FDIC is broke as in out of money.
The Federal Reserve Bank can't go broke as in out of money.
All they have to do is print more paper Federal Reserve notes
They have been doing that rather recklessly for some time now.
That is why the credit rating of the US was downgraded a while back.