Let’s put into perspective the recent S&P debt downgrade of the United States.
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 Cut: $38,500,000,000
Now let’s remove 8 zeros and compare this to an ordinary household:
Annual family income: $21,700 Money the family spent: $38,200 New debt on the credit cards: $16,500 Outstanding balance on credit cards: $142,710 Total budget cuts: $385
Most of my bankruptcy clients are better off than the United States.