Originally Posted by
jghilino
A truly epic failure. Followed by the backlash of higher unemployment/layoffs causing less taxes to come in. The end result is a double failure. Failure to cut costs and failure to increase taxes.
This illustration (forwarded to me from Canada) makes it easy enough even for me to comprehend:
“Fiscal Cliff” put in a better perspective or the idiots guide to the American debt problem
The real numbers:
* 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: $14,271,000,000,000
* Recent budget cuts: $38,500,000,000
Let's now 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 so far: $38.50
jghilino 
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