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The Fiscal Cliff in Simple Terms

Well, the House just passed the Senate bill and sent it on to the President. To put this in perspective I put together the following table to help explain what little good has just taken place.

The Fiscal Cliff

Federal Budget

$3,796,000,000,000.00

Federal  Revenue

$2,386,000,000,000.00

New Debt

$1,410,000,000,000.00

National Debt

$16,350,600,000,000.00

Proposed Budget Cuts

$15,000,000,000.00

Increased Taxes

$62,000,000,000.00

In Family Budget Terms

2012 Annual Expenses

$37,960.00

2012 Annual Income

$23,860.00

Net Loss from 2012 (New Debt)

$14,100.00

Existing Home Loan

$163,500.00

You Now Owe

$177,600.00

To Solve Your Problem You

Cancel Your Newspaper Subscription

$150.00

Have a Yard Sale

$620.00

The Result

Net Loss For 2013

$13,330.00

 

Sadly, this is barely a drop in the bucket…and it took how long to arrive at this?

Oh, and there is still the matter of the debt ceiling to deal with. A friend of mine sent me the following scenario:

You come home from a trip to town to discover that due to a major city sewage malfunction your house has become filled with refuse. What do you do? Raise the ceiling or get rid of the crap and clean the house?

Sorry folks, but all of D.C. needs to get a loud and clear message to get serious, start working together and solve this mess.

By the way…Happy New Year!!

 

 

 

 

 

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