Beyond their means 2/1/2013
This letter to The Australian shows just how dire is the US’s financial situation:
WHILE watching our Australian superannuation and other investments deteriorate in value in large part due to the US fiscal cliff deadlock, it is illustrative to look at the US government budget as if it were a household budget.
By taking eight zeros — yes eight — off the US tax receipts, commitments, debt level and planned reduction in government spending, we get the following if the country were a family last year:
Household income $21,700; spent $38,200; new debt on the plastic cards $16,500; balance on credit cards $142,710; actual cutback in spending $38.50. So should we still be wondering why so many in the US government ranks of both Democrats and Republicans want to put the brakes on the President’s plans?
Andre Lewis, Capalaba, Qld