Snapshot of US debt and deficit in relation to an annual household budget

US Tax revenue: $2,170,000,000,000
Federal budge: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cuts: $38,5000,000,000 (billions…the above amounts are trillions)

Now remove 8 zeros and pretend we are looking at 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

This doesn’t include unfunded liabilities that have already been promised. If the U.S. Government were using GAAP (Generally Accepted Accounting Principles) and had to declare those unfunded liabilities on their books like companies do – then the U.S. debt is more like $60,000,000,000,000 (that is $60 Trillion).

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