Tuesday, March 15, 2011

Quote of the Day: Our Debt

In understandable terms, from Joe Huffman:

It is predicted the Federal budget deficit will reach $1.65 trillion this year with a $14.1 trillion debt and about $2.1 trillion in income. Yet the House cannot reach agreement on spending cuts. The House Republicans want to only cut $60 billion in spending and the Democrats only want to cut spending $6.5 billion. If you were to scale this down into numbers people might be able to relate to it would look like the following.
If your family income were $50,000 then:
  • Family debt is $335,700
  • Family deficit is $39,300 (spending is $89,300/year)
  • The head of household wants to cut $1,430 in yearly spending
  • The spouse wants to cut $154.80 in yearly spending
The children should cut up the credit cards and sell everything that isn’t the bare minimum needed for food, shelter, clothing, transportation, and communication. If the debt still isn’t being paid down they should consider selling their parents organs.
Someone asked me a couple of days ago if I realized how deep in debt we are.  I said that I did, and that it scared the shit out of me.  Think about those numbers folks.  We are trully fucked.  There is no nice way to say it.  We cannot continue in this fashion.

At this point, though, I don't know that there is a solution.

H/t The Smallest Minority


Mark said...

You betcha. We should start by trimming the fat; goodbye to foreign military bases, goodbye to bloated government, goodbye to universal healthcare, goodbye to welfare, goodbye to UN payments, get rid of the illegal immigrants ... the list is endless, but it will take a brave one term President to enact many of these cuts. I don't see such a President on the horizon. Do you?

RobertM said...

It would take 50 years worth of brave one term presidents, and congressmen, and judges. It's not going to happen. Just more smoke and mirrors until it hits the wall. The all our 'leaders' will retire in some nice tropical country. Its Africa writ large.