The numbers leading S&P to downgrade U.S. Credit: • 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 budget cut:____$38,500,000,000 Let’s remove 8 zeros and pretend this is a household budget: • Annual family income:____________________$21,700 • Money the family spent:___________________$38,200 • New debt on the credit card:_______________$16,500 • Outstanding balance […]
Posts Tagged ‘tax revenue’
And we wonder why US credit was downgraded
September 27, 2011Christianity should be synonymous with class warfare
September 27, 2011President Obama just drew the economic battle lines more clearly in his call to raise $1.5 trillion in new revenue primarily through increased taxes on the wealthy, letting the Bush tax cuts expire, and closing tax loopholes. “Class warfare!” countered the Republicans. Americans sharing more equally in the burden of pulling our country out of […]
Geithner wants to raise taxes as Government spending cuts alone are “irresponsible”
June 22, 2011The national debt is now $14.34 trillion. This year, according to the Congressional Budget Office, the federal government will run a deficit of $1.4 trillion. Over the next decade, according to the CBO, the budget proposed by President Barack Obama would run up deficits totaling $9.5 trillion. So 10 years down the road, the national […]
