This came to me on the internet. Therefore, it is fair game, and I plagiarized it (stole it, for the word-challenged). The numbers seem to be approximately those for late 2011.
True for Europe and US.
Why the U.S. was downgraded:
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt added $ 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:
* 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
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 your ceilings. What do you think you should do …… Raise the ceilings, or pump out the crap? Your choice is coming Nov. 2012