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Mike da Tigah
St. Denham Rougeville
Member since Feb 2005
42361 posts

"Fiscal Cliff" put in a much better perspective

Circulating around FB, and I thought some on here may not have seen it, but it pretty much nails it as far as I'm concerned.




quote:

Lesson 1

US 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

Now lets remove 8 zeroes and pretend its a household budget.

Annual Family income: 21,700
Money the family spent: 38,200
New debt of the credit card: 16,500
Outstanding balance of the credit card: 142,710
Total budget cuts so far: 38.50


Got it??...... OK, now,

Here's another way to look at the debt ceiling:

Lets say you come back 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 remove the shit?



Diamondawg
Mississippi St. Fan
Mississippi
Member since Oct 2006
12435 posts

re: "Fiscal Cliff" put in a much better perspective
I saw that a couple of weeks ago and dropping the zeros puts it into numbers that you can actually get your arms around. Sadly, though, they still think it's a revenue problem.


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Lsut81
USA Fan
Member since Jun 2005
66253 posts

re: "Fiscal Cliff" put in a much better perspective
That makes the rounds every year or so... As you can see, the one you have is about 2yrs old since the national debt is only at 14.2T instead of 16.5T


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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
23204 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

Total budget cuts so far: 38.50


Should be 385


davesdawgs
Georgia Fan
Georgia - Class of '75
Member since Oct 2008
20307 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

quote:
Total budget cuts so far: 38.50


Should be 385


Correct but the stark perspective remains.


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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8555 posts

re: "Fiscal Cliff" put in a much better perspective
It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.


Bravescd14
Alabama Fan
Huntsville
Member since Nov 2009
403 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.




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white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3881 posts
Online

re: "Fiscal Cliff" put in a much better perspective
quote:

political grandstanding


bingo



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Mike da Tigah
St. Denham Rougeville
Member since Feb 2005
42361 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.


The higher the debt goes the more in interest payments we have to account for in our federal budget, which means the less we can afford to spend in running this country, and so we rack up even more and more debt, which causes our interest payments to grown even more, and cause more of our federal budget to pay for. It's a runaway train, and until we learn how to say "NO" we are never going to escape from this, and it's not a scare tactic to win votes. It's real life, and when your dollar is backed up in trust and economic growth happening exponentially and without regard to anything sustainable, it's value is affected at every passing year to the point where if we don't do something, those who are attached at the hip with America will be looking to invest elsewhere and hook up to another wagon, even choosing to invest in precious metals over the dollar, which is already happening.




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Diamondawg
Mississippi St. Fan
Mississippi
Member since Oct 2006
12435 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.

Does sis pay dad interest and does dad pay mom interest?


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davesdawgs
Georgia Fan
Georgia - Class of '75
Member since Oct 2008
20307 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.



And the party in power continues to use your perspective to marginalize the party out of power. Nothing new under the sun.

So the U.S. government fiscal state is just a fabrication? There is no debt crisis? We should just keep borrowing and kick the can down the road?
This post was edited on 12/31 at 10:27 am


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ForeLSU
LSU Fan
The Corner of Sanity and Madness
Member since Sep 2003
35862 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same.


Image: http://cdn.theatlantic.com/static/mt/assets/business/Perot4.jpg.jpg


aaronb023
LSU Fan
TeamBunt CEO
Member since Feb 2005
11774 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.




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ApexTiger
LSU Fan
cary nc
Member since Oct 2003
31799 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

It's so tempting to compare the country's debt to that of a household but things aren't that simple. For example more than half the debt is owed to U.S. citizens so as a country that debt does not make us any poorer. It's like sis owing dad and dad owing mom--the family as a whole is worth the same. I think all the sky-is-falling rhetoric is just political grandstanding by the party that's desperately in search of an issue that can win elections.




Wut!

Debt is debt! Even if you are accurate on the 50%, what happens when Little sis or Daddy passes away? The debt is the debt passed on to future generations...Inflation is certain. Interest rates certain to climb.

16 Trillion in National Debt has never been handled before in the history of mankind. It's Naive to think we can handle much more kicking of the can.

We're in trouble and that's not Rhetoric, that's to wake people like you up before it's too late.

Just 48 Months ago, the National debt was 9.8 Trillion, take a look at it now! Up nearly 70%

And...1.3 trillion in deficit spending slated for 2013, with record high tax revenues of 2.5T.

So clearly the wheels have gone off the track... I can not explain the explosion of Federal spending, can you?



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Meauxjeaux
Memphis Fan
90248 posts including my alters
Member since Jun 2005
19167 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

t's like sis owing dad and dad owing mom--the family as a whole is worth the same.


Wow. Just wow. And you vote?


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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
39155 posts

re: "Fiscal Cliff" put in a much better perspective
Ross Perot!

He ran an entire campaign based on charts showing how fricked we were going to be if we didn't change things 20 years ago. Probably would be better off today if he had been elected.


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saltybulldog
Mississippi St. Fan
MS Gulf Coast
Member since Aug 2007
1040 posts

re: "Fiscal Cliff" put in a much better perspective
As others have said, what about interest accrual? More importantly, what about when interest rates get back to normal levels? This near zero Internet rate environment will not last much longer.
This post was edited on 12/31 at 2:01 pm


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LSUconvert
LSU Fan
Clackamas, Or
Member since Aug 2007
498 posts

re: "Fiscal Cliff" put in a much better perspective
quote:

pretend its a household budget



I don't play pretend anymore :(


Northgate
LSU Fan
Member since Jul 2012
2527 posts

re: "Fiscal Cliff" put in a much better perspective
Lets sell some stuff: Grand Canyon; Gulf Seashore; I-10; Lincoln Memorial.

Got to raise some cash somehow.


tigerskin
LSU Fan
Member since Nov 2004
12351 posts
Online

re: "Fiscal Cliff" put in a much better perspective
If the Chinese like football, sell Saban


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