Remember the outcry stemming from S&P's down grade of the US credit worthiness? Well, let's have a closer look (Note: These figures are several days old. The Numbers are worse today.):
• US Tax revenue: $2,170,000,000,000Now drop 8 zeros and pretend it's your household budget:
• 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
• Annual family income: $21,700When it is broken down like this, it makes it easier to see how much trouble we are in!
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Current outstanding balance on the credit card: $142,710
• Total budget cuts: $385
Our huge public debt ultimately reflects our lack of individual restraint. But we can do better. — Lawrence W. ReedWe need smarter voters.
Government is the only enterprise in the world which expands in size when its failures increase. — Janice Rogers Brown, Associate Justice, California Supreme Court
My reading of history convinces me that most bad government results from too much government. — Thomas Jefferson
The multiplication of public offices, increase of expense beyond income, growth and entailment of a public debt, are indications soliciting the employment of the pruning knife. — Thomas Jefferson, letter to Spencer Roane, 9 Mar 1821
Americans have been spoiled by a generation of extravagant federal spending made possible by an orgy of irresponsible borrowing. Now the party is over and the pain of long-lasting and unpopular austerity must come. — Zach Bogue, US Army veteran
Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone. — Frederic Bastiat
The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled. — Cicero (106-43 BC)
People look at me and say, "What are you talking about, Joe? You're telling me we've got to go spend money to keep from going bankrupt?" The answer is, "Yes, I'm telling ya." - Joe Biden, US Vice President and economic idiot (No wonder we're in such trouble!)
It's the Democrats whose position is that the only problem in Washington, D.C., is the peasants aren't sending enough cash in for the king to spend. — Grover Norquist, president of Americans for Tax Reform
We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with. - Dr. Ron Paul, Congressman
Would you be willing to give up your favorite federal program if it meant never having to pay the income tax again? — Harry Browne
Check out a more detailed version of the US Debt Clock.