SIMPLE YET VERY INTERESTING CALCULATION !! So much simpler minus the 8 zeros !!
Why S&P downgraded the US
• 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
Let's 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 family credit card: $16,500
• Outstanding balance on the family credit card: $142,710
• Total family budget cuts: $385
Would you give this family an AAA credit rating?
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