Now, what if that household racked up $16,500 on its credit card last year. We probably wouldn't consider that good money management.
On top of that, consider that the household credit card is already at $143,000!! We'd really question the wisdom of the credit card company that expends credit like that.
And finally, we learn that this household has only reduced its spending by a mere $385 -- hoping that will help solve the problem.
WELCOME TO THE U.S. GOVERNMENT!
By slashing the last 8 zeroes off of the current fiscal numbers in Washington, we get a fairly rough estimate of the extremely dire situation of a typical low-income family.
US GOVERNMENT BUDGET
Tax Revenue: $2,170,000,000,000
Federal Budget: $3,820,000,000,000
New Debt: $1,650,000,000,000
National Debt: $14,271,000,000,000
Recent Budget Cuts; $38,500,000,000
US FAMILY BUDGET (8 zeros removed from government budget)
Annual Family Income: $21,700
Money the family spent: $38,200
New debt on credit card: $16,500
Outstanding balance on credit card: $142,710
Total budget cuts so far: $385