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International Business Machines Corporation Message Board

  • insect_1nsight insect_1nsight Feb 23, 2013 11:27 PM Flag

    This fiscal cliff fiasco

    Fiscal Cliff” in plain English for dummies
    Lesson # 1:
    U.S. Tax revenue: $2,170,000,000,000 (Trillion)
    Fed Spending: $3,820,000,000,000 (Trillion)
    New debt: $1,650,000,000,000 (Trillion)
    National debt: $16,420,000,000,000 (Trillion)
    Recent budget cuts: $38,500,000,000 (as in Billion)

    Now, 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 Balance on the credit card: $164,200

    Total budget cuts so far: $385.00

    Got It ?

    ..... OK now . . . .

    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 the ceilings.

    What do you think you should do .....
    A) Raise the ceilings? . . . or . . .
    B) Remove the sewage ?

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