“If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year and have $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.”
As spoken by Dave Ramsey on his radio show.
To be fair, the interest rate the federal government pays on its debt is actually a lot lower than a credit card rate. It’s more like 3.29%.
The above scenario is still correct. Just replace “credit card debt” with “mortgage.”
EDIT: A relevant Reddit comment:
More like, “They were planning on spending $80k next year, but they are currently proposing big cuts to reduce their future proposal to $77k a year, and $79k the year after, down from the prior plan of $82k.”
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