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Government

A look at the U.S. budget — for dummies

Dec. 31, 2012 9:09am

Here’s a super simplified explanation of why the country can’t afford to not make big spending cuts (via Jazz Shaw):

U.S. Tax revenue: $2,170,000,000,000
Fed budget: $3,820,000,000,000
New debt: $ 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 so far: $385.00

Editor’s note: This post originally reported the household budget cuts as $38.50 when it should’ve been $385.00. It has been updated to correct this mathematical error.

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Comments (2)

  • dpjkw
    Posted on December 31, 2012 at 11:30am

    Love the comparison, but one of your numbers are off, It should be $385 not $38.50. I think a better comparison is adjusted to Median Household Income of $50,054 (2011)
    Annual family income: $50,054
    Money the family spent: $88,113
    New debt on the credit card: $38,059
    Outstanding balance on the credit card: $329,180
    Total budget cuts so far: $888
    Still I very depressing figure.

    Report this comment

    dpjkw  
    • Female
      Posted on January 1, 2013 at 1:32pm

      No, the numbers are good for the college students to understand rather than the average 40 yrold, who has experience paying their own bills.

      Report this comment

      Female  

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