Why S&P Downgraded the US:
U.S. 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 [April] budget cut: $ 38,500,000,000
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
Budget cuts: $385
oh please please, can I run my house like that? And then declare bankruptcy so I don’t have to take responsibility for my screw ups?
Every newspaper would do their readers a lot of good if they presented things in that fashion. The general public is too ignorant to grasp the large numbers but should be able to see it in the form presented here. Really puts those ‘draconian’ cuts in perspective now doesn’t it?
“oh please please, can I run my house like that?”
…
sure , go ahead and let me know how it works out for ya…
The worst part is, some of the folks living in the house just to the north of you think that style of “budgeting” is a good plan…
Naw. The reason S&P downgraded the US is because they’re racist.
Yes and it is the same at all levels of government in Canada as well. Taxes consume more of the average Canadian Families budget each year than they have to spend on Food, Clothing and Housing combined. A criminal level of Taxation. The total of all Public Debt owed by the Provinces which include the Bloated Municipal Governments is around $1,000,000,000,000.00 Dollars. Ontario is over 300B in Debt, Quebec over 400B in Debt. Ottawa has racked up around $4,000,000,000,000.00 in Total Public Debt. The Taxpayer also carries a Regulatory Burden of over 100B a year to manage over 500,000 Pages of Laws and Rules and Regulations. A stack of paper over 10 stories high. The Velvet Canadian Gulag. Every waking moment managed and hedged and controlled by hundreds of thousands of burecrats the New Comrades. How anyone thinks we can keep stimulating the economy with borrowed money for Politician EGO PROJECTS with these levels of Debt are beyond help. How can 16M taxpayers out of a population of 33M ever pay for this mess? Keep on Rowing At The Oars of The Slave Ship Canada we are a long way from a safe landing….
bear @ 11:04:
Forget bankruptcy. What you want is your very own quantitative easing. Easy as pie: just introduce a few zeros in the right places in your bank account.
Drunk on spending and like any alcoholic, they won’t stop until they hit bottom. Taking half the world with them will generate a thud that will be heard on Mars.
It’s over except for the crying and gnashing of teeth. Even a Republican house, senate and oval office will be hard pressed to turn this around peacefully and quickly.
We are all going to have to through the wringer with the spendoholics before we can take a breath again. Brace for it!
but,
Berkshire Hathaway Chairman and CEO Warren Buffett told the FOX Business that S&P’s downgrade of the United States’ triple-A credit rating “doesn’t make sense.”
@bethesdaguy, Just north of me??? There’s not many gov’ts north of me. There is however, one big egotistical one a fair chunk east and south of me that firmly believes that it’s “too big to fail”!
McGuinty and ‘bama schoolmates?
Most of the sheeple are in denial….
Many times ovwer the years, I tried to enlighten my employees..
REAL WAGE…
NOMINAL WAGE…
TAKEHOME PAY…
Their real wage was my PAYROLL EXPENSE…including WCB…which they never see…for a NOMINAL WAGE of $10..my payroll expense was circa $13….their REAL WAGE.
Their TAKE HOME pay was $6-7…IOW about half of the REAL WAGE…..and then they paid even more taxes on that when they spent it…even on utilities….
They would just shake their heads and mutter:
NO! We are not paying that much…YOU PAY HALF OF IT.
Then they whine about businesses relocating overseas/Mexico……or just shut…….
Glad to hear that Jim Flaherty has hired consultants at $90,000 per day to make sure we don’t go down the same Wasteful Spending Road as the Yanks…
http://www.windsorstar.com/business/Flaherty+defends+hiring+consultant+help+government+save+money/5432130/story.html
$2 million contract to a independent management consultant.
$4 billion in projected savings to the taxpayer after restructuring.
Invest a buck, get $200 back in the first year and the same amount every year after that.
Sounds like a great investment to me.
Sorry. $20 million.
Would you trust the bureaucrats to show the government to show where it could affect savings?
That’s why an independent consultant is required.
sasquatch,
That’s a great illustration! The NDP voting working man never sees the big picture. He just figures there’s lot’s of money out there and doesn’t realize how much the government is grabbing and how much more they want to grab.
Excellent point Steve. Let’s pretend that you worked for 40 years and every year the governments only took $5,000 per year from you. Now then let’s say that instead of the Gubmint taking that $5,000 per year for 40 years, they had left it in your hands and you invested it at compound interest. Now multiply that number by 15M workers. Now we are talking real money. When the reality is that Taxes have risen 1800% since 1961, and they now consume more of the average Canadian Familys paycheque than that family has left to spent on the necessities of life, Food, Clothing and Housing….The sheep can’t do math anymore and they are so brainwashed that whenever the Gubmint says bend over they do not even stop eating grass as they get it in the ass…They love it as long as they get Hockey and Sports Palaces. The Bread and Circus’s of today…Bababaaaaaaaaaaa
SYF
“Would you trust the bureaucrats to show the government to show where it could affect savings?”
“That’s why an independent consultant is required.”
they have ON staff people who could show them how to cut wastefull spending. Butt they should be able to figure it out for themselves, and they do know how to do it, but that would be bad for the “political” optics. Hire an outsider, and you can shuffle the blame!!!
Over taxation was the Birth of America, its now become its Swan song.From a free Repulic with little tax to an Nation whose overbloated government is taxing them to death over entitlemnts.
So goes history.
As long as the majority of voters look for nothing more than entitlements and “freebees” not much will change. Much like any communist country Nanny will provide and dictate our life style. Those that have will continue to support the ever expanding government departments along with the mountains of regulations that justify their existance. Eventually it will be like our army….more generals than tanks. More drones than workers. The USA is there now. We will be there shortly. As long as government is run by activists rather than logic and common sense our future is bleak.
How Dare They!!! Just who does the S&P think they are???
Too bad they don’t have the authority to turf the current “faux” President.
In a strange way……maybe they do.
Obamba better sue & get more sub-prime loans for the unemployed “minorities” like he did 12 years ago before he leaves office = that’ll fix the problem this time for sure.