Wednesday, September 21, 2011

But this isn't a problem if you have a printing press in the basement


The Gainesville Tea Party seems to have the right idea: They take some of our key economic numbers — how much money the U.S. government brings in, how much it spends, and how much brave politicians are “cutting” to bring those numbers into balance — and simply lop off eight zeros (i.e., divide by 100 million) to make those numbers something that American families can relate to:
Why S&P Downgraded the US:U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $ 1,650,000,000,000
National debt: $14,271,000,000,000
Recent [April] budget cut: $ 38,500,000,000
Let’s remove 8 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
Budget cuts: $385
Even as a self-described policy wonk, I found this eye-opening. It’s harder to pretend that Washington leadership is serious about restoring fiscal sanity when their budget cuts are seen in this context.

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