Federal Spending and Debt Compared to Your Families Spending and Debt
I have been discussing the ever increasing federal debt and I understand that it is difficult for some people to put that in perspective. Well the Michigan Capitol Confidential news site has helped us all to put our governments spending and the increasing deficits and debt into perspective.
So let us try to put our federal debt in perspective to your households spending and the debt you would accumulate as compared to our federal governments spending and our federal debt that is accumulating.
According to the Office and Management and Budget (OMB) here are the federal numbers this year:
- Revenue: $2,816,874,000,000
- Expenditures: $3,318,636,000,000
- Annual debt increase: $501,762,000,000
- Total debt: $14,763,197,000,000.
For purposed of comparing the numbers to your household income and spending, the numbers above do not include the two Social Security trust funds and the U.S. Postal Service.
Let us look at a family whose annual income is $28,168.00 as compared to our federal government’s annual income in terms of tax revenue and the federal government’s spending:
- Your family spending would have to be $33,186
- Your new debt added to credit card this year would be $5,017
- Your outstanding balance on credit card would increase to $147,631
Now does that help you understand the debt crisis we are in and continue to add to?
Add to that the fact that according to the U.S. Treasury department’s numbers we have not paid down a nickel of our total federal debt since 1957.
How long could your family last before being financially crushed if you spent the more than you take in year after year, decade after decade using the above numbers?
This deficit spending has to be curtailed and eventually turned around or we as a country/family will eventually be in a lot of trouble. Do you want to leave your children with this kind of crushing debt, I do not.
Let’s talk about this today on The Live with Renk Show which airs Monday through Friday 9 a.m. to noon. To let me know your thoughts during the show please call (269) 441-9595.