When most of us hear the word “trillions” our eyes glaze over. It’s hard to get your head around numbers that high. We know the national debt is totally out-of-control. But just how bad is it?
 
Here’s a great way to explain exactly what we’re faced with (courtesy of Gary McNamara at the Midnight Trucking Network). By dropping a bunch of zeros, this illustration presents a much more manageable scenario – in terms of an individual budget . The figures represent the President’s last counter offer to the GOP. Pretend this is your personal financial situation…
 
Let’s say for instance:
 

• You make $22k a year (government tax revenue this year $2.2 trillion)
• You’re spending $37k (government spending this year $3.7 trillion)
• You have already run up your credit cards and other debt to $144k (national debt $14.4 trillion)

 
Wow – better get things under control!
 

• So you’ve decided to get a part time job that will make you an extra $1500 per year (1.5 trillion in new tax increases – corporate jet tax = $30 of that)
• Now you’ll be making a total of $23.5k per year
• You have also agreed to reduce the rate of your future spending by $3k (Obama’s proposal to reduce the rate of growth by $3 trillion)
• You’re not actually going to reduce spending from your current $37k, but you were going to spend $43k; so your new plan will be to only spend $40k

 
Problem:

In 18 months your debt will have grown from $144k to $168k. In ten years you will owe more than $260k and that is only if you receive substantial raises (Obama budget predicts large growth in the next ten years which many economist say is unrealistic)
Finally, in order to be “responsible”, you will take out the credit cards and loans using you children and grandchildren’s names because you know you won’t be able to pay off the balances in your lifetime

 
Conclusion:

Your plan sucks! Bigtime!

 
Forget all this useless political posturing, name-calling and finger pointing (and Obama’s child-like demand for “fairness”). The federal government has spent our country to brink of bankruptcy! Without drastic spending cuts, and serious economic growth – we’re doomed.