The Economy, Simplified

[jgaffney]

Why S&P downgraded US:

• U.S. Tax revenue: $2,170,000,000,000

• Federal budget: $3,820,000,000,000

• New debt this fiscal year: $1,650,000,000,000

• National debt: $14,271,000,000,000

• Recent budget cut: $38,500,000,000

Now 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

• Total budget cuts: $385

It's so much more clear when one explains it that way.

[Mink]

Gaffney, give us all a break, ok?

The economy went down the tubes while W was in office. You know it....so do the recently started teabaggers ( embarrassed repubs)....

Can't stay to argue as I've been busy, but please, be real! : )


PS: do you miss me?

[jgaffney]

Mink, of course I missed you! It's been an echo chamber here for months.

I don't recall including anything in the OP about it being Obama's fault. The original message was just a simplification of all the numbers that are being discussed. It seemed to me that we have become inured to billions and trillions, so this put it in context.

I find it interesting, though, that your immediate reaction is to blame Bush. President Obama has been in office now for 2 1/2 years, and has been the leading Democrat for over 3 years. Or, at least, that's what Nancy Pelosi and Harry Reid let him think he is. At what point will President Obama step up and take responsibility for the explosion of debt that has occurred on his watch? Is he hoping to defer that to 2013?

Also, you and I have been here long enough to remember that, no matter what happened prior to January 2001, everything that occurred after that was Bush's fault. I'm just applying the same standard to President Obama.