This rather brilliantly cuts thru all the political doublespeak. The below example puts the present US economic situation in a very clear perspective, it’s the same for many European countries.
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 cuts: $ 38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
• Family income: $21,700 • Family spent: $38,200 • New debt on the credit card: $16,500 • Outstanding balance on the credit card: $142,710 • Total budget cuts: $385
The above is what 40 years of incremental and progressive liberalism and free ice cream to buy votes for the next election buys for our children and grandchildren. Presently, we have a President, his Staff, and many of our Congressional Members that are telling the American people that we need 4 more years of this type of government leadership and direction.
And that is the role model our society looks up to by doing the same thing & guess who bails those folks out? The ones who live within their budget! Where does it end? At the rate it's going the hole will keep getting deeper.... Congress; at least the ones with guts, should not draw a salary for their term until progress is made. CEO's do this to show they are serious to the shareholders! Congress should take ownership of the problem & show the people who elected them that they are serious & not a vacuum cleaner sucking out what they can! Many of them already have income from other means anyway & can take the cut in pay.
Isn't it incredible the amount of gall that the liberal democrats have?
Over the last 40 years they have been incessant and unceasing in "tacking" their progressive, liberal and over the top agendas and legislation to much larger and very important legislation in order to enhance an agendas that less than 10% of the US population supports.
Presently, the inmates are running the asylum!
The unions (international, State and Federal) support the democrats because of the enhanced wages, salaries, benefits and more importantly the over the top and inflated retirement programs that have been implemented with "tacked on" legislation over the last 40 years. They are masters at buying votes with promises to be paid in the future.
You can't tax your way out of over promising benefits that can't be delivered.
Now, the debt is coming due to all the states with retirement programs that they can't afford, employees that feather bed their jobs with antiquated and non productive work rules that have nothing to do with efficiency or productivity and everything to do with job preservation, enhanced wages, salaries and retirement benefits.
Presently, across the US we have at least twice too many state and federal employees that is necessary to fulfill their job descriptions and responsibilities.
Good for you to post this, but give credit where it's due. Rick Santelli of CNBC did these calculations on Squawk Box about 2 days ago. The numbers should scare every one. There are only two ways out: Inflate the debt down, or default. The majority of politicians will take the easy way (for them) and that inflation.