August 17, 2011

• WHY THE US CREDIT RATING WAS DOWNGRADED

  First, lets put things into perspective.

  This is the deal that Congress made …

  • 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: $14,271,00​0,000,000
  • Recent budget cut: $ 38,500,000​,000

  Let’s 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: $385.

  Do you think this family deserves an AAA credit score?
  Would you lend this family money?
  Do you think this family might need counseling?

  • 6:39 am
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