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America’s Finances – 101

Transposing the ‘numbers in the news’ to a household budget is a simple analogy . While it is true that large of the national debt is owed to Americans, it is debt. And it needs repaid. Take a close look at the following and answer the questions at the bottom.

  1. * U.S. Tax revenue: $ 2,468,599,000,000
  2. * Fed budget: $ 3,795,547,000,000
  3. * New debt: $ 1,326,948,000,000
  4. ** National debt: $16,462,000,000,000 (Source: )
  5. * Recent budget cuts: $ 38,500,000,000

Let’s now remove 8 zeros and pretend it’s a household budget:

  1. Annual family income in 2012: $ 24,685
  2. Money the family spent in 2012: $ 37,955
  3. New debt on the credit card in 2012: $ 13,269
  4. Outstanding balance on the credit card: $164,620
  5. Total budget cuts so far: $ 38.50
  1. What percentage of Americans do you think understand what these numbers mean?
  2. Do you feel that our government leaders are working together to resolve our financial situation?
  3. Do you feel that our children will inherit a better America than we did?
  4. If more Americans understood these numbers, do you think it would make a difference in our election processes?
  5. What is more important to you – resolve these in our lifetime or pass them along?

Food for thought. Take a look at www.usdebtclock.org. The clock is ticking.

Mark Schuster, Partner

January 19, 2013

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