Tuesday, January 10, 2012

Dangerous Debt

Dangerous Debt

I've written before about our exploding national debt. But all the trillions and billions can be hard to comprehend. It's why this image from a chain e-mail has gone viral:... continue reading »
National Debt as Household Budget
National Debt as Household Budget

It is almost all accurate, except it gives Congress too much credit. Yes, politicians said they cut $38 billion last year. But the latest budget tables from the White House's Office of Management and Budget reveal that The federal government actually spent $362 billion more in 2011 than in 2010. (And it's not just because of the growth of Medicare and Social Security. Even what bureaucrats call "non-defense discretionary spending" increased by $5 billion.)
Also, the e-mail is outdated: the debt is now up to $15,190,000,000,0000. It's like a family that has $151,900 in debt.
We need to slash government spending. Here's what I would cut.

Read more: http://www.foxbusiness.com/on-air/stossel/blog/2012/01/05/dangerous-debt#ixzz1j5CMdtIr


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