Understanding the debt:
Lesson No. 1:
- 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 eight 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.
Lesson No. 2:
Here's another way to look at the debt ceiling:
Let's say, you come home from work and find there has been a sewer backup in your neighborhood.
Your home has sewage all the way up to your ceilings.
What do you think you should do, raise the ceilings, or remove the sewage?
In this coming New Year of 2013, both Groundhog Day and the State of the Union address by Barrack Hussien Obama will occur on the same day.
This is an ironic juxtaposition of events.
One involves a meaningless ritual in which we look to an insignificant creature of little intelligence for prognostication.
The other involves a groundhog.
Be well and may God bless America.