On Tuesday, August 9, 2011 at 06:39:31 (-0700) Jim Devine writes:
>Bill Lear wrote:
>> If the U.S. [government's] debt is 90% of GDP, is it valid then to say that
>> is
>> similar to a household that earns $100K per year having a $90K debt?
>> I realize of course that households cannot tax and cannot print
>> money...
>
>One difference is that the US government owes a lot of money to
>itself, i.e., to its own agencies such as the Federal Reserve and the
>Social Security system. Another it that the US government owes a lot
>of the money that's left (roughly half) to the folks that officially
>own it, i.e., the citizens of the US.
Ok, but is the relationship that I mentioned above more or less correct?
Example:
If the US Government was [sic] a family, they would be making
$58,000 a year, they spend $75,000 a year, and are $327,000 in
credit card debt.
--- Dave Ramsey, who advocates we handle money "God and grandma's way"
What's wrong with the picture above?
Bill
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