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[Fr Constantin Alecse]

Another way to look at the Debt

True for Europe and the US.

Why the U.S. was downgraded:
* 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
* What the family just spent: $38,200
* Newly added to their credit card: $16,500
* Outstanding balance on their credit card: $142,710
* Total budget cuts: $385

Got It?

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Fr Constantin Alecse
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