Fiscal Cliff explained
U.S. Tax Revenues: $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 Cuts: $38,500,000,000 Let’s remove 8 zeroes and pretend it is a household budget. Annual Family Income: $21,700 Annual Spending by the Family: $38,200 New Debt on the Credit Card: $16,500 Outstanding Balance on the Credit Card: $142,710 Reduction in Expenses So Far: $385 Bottom line: Be afraid. Be very afraid. Thanks to Gail for forwarding!