From: James Russell
Sent: Thursday, September 15, 2011 9:12 PM
Subject: Simple terms (WHY THE U. S. WAS DOWNGRADED)
thanks for this one to Shari Kulha...
Why the U.S. was downgraded:
. 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 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 credit card: $16,500
. Outstanding balance on the credit card: $142,710
. Total budget cuts: $385
... about that second job ...
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