23-10-2011, 11:31 AM
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 | Senior Member | | Join Date: Sep 2008 Location: Lahore Age: 39
Posts: 6,663
Contact Number: 03009441339, 03334146191 Program / Discipline: Engineering Class Roll Number: BME-01083029 (The University Of Lahore) | |
 US Federal Budget
US Federal Budget The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is. Below is a breakdown of federal spending in simple terms. Put the 2011 federal budget into perspective: U.S. income : $ 2,170,000,000,000 Federal budget : $ 3,820,000,000,000 New debt : $ 1,650,000,000,000 National debt : $14,271,000,000,000 Recent budget cut : $ 38,500,000,000 (about 1% of the budget) It helps to think about these numbers in terms that we can relate to. Remove eight zeros from these numbers and assume this is a fictitious household budget; Total annual income for the family : $ 21,700 Amount of money the family spent : $ 38,200 Amount of new debt added to the credit card : $ 16,500 Outstanding balance on the credit card : $142,710 Amount cut from the budget : $ 385 So in effect last month Congress, or in this example the family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the family has $142,710 of debt on its credit card (which IS the equivalent of the national debt). You would think the family would recognize and address this situation, but it does not - Neither does Congress!!!!!! |