Monday, July 30, 2012

The 2011 Federal US Budget as a Household Budget

An easy way to envision the national debt:

The Federal Receipts and Outlays:
1.US Tax Revenue - $2,303,500,000,000
2.Federal Budget - $3,630,100,000,000
3.Deficit (new debt) - $1,299,600,000,000
4.National Debt - $15,582,100,000,000
5.Proposed Budget Cut - $33,000,000,000
If We Remove 8 zeros and pretend it is a household budget:
1.Annual Family Income - $23,035
2.Money the Family Spent - $36,301
3.New Debt on the Credit Card - $12,996
4.Outstanding Balance on the Credit Card - $155,821
5.Total Budget Cuts - $330

By the way, the numbers are from the various tables available at the St. Louis Federal Reserve, which maintains the fredii database for those that like to play with the numbers.

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