Government spending brought to the personal level

Leave a comment

Ok … Let me boil this down to the simple and bring it home (literally).

The current US Federal government’s annual income in taxes/fees/etc. (i.e., what the IRS takes into the General Fund with which it can pay expenses) is $2 Trillion.
The current US debt is $17 Trillion.
That is a debt to income ratio of approximately 8.5:1.

Let’s compare that to the average family of four.
The average annual income for a family of four in the US is approximately $50,000.
The equivalent debt would be $425,000.

You tell me… would you lend that family any more money? Would you even lend them THAT much?
I’m guessing there’s not a banker in the country that would take that risk.

Keep in mind, this is unsecured debt. This would not include such items as the family’s mortgage (house), car loan, etc. It would be the equivalent of credit card debt. $425,000 in credit card debt on a $50,000 income!
I’m presuming most of you readers are relatively intelligent and answered no to both those questions. So why then was it ok for our representatives in Congress (and approved by the President) to increase the US debt limit and allow the federal government to borrow additional money?! How many more times are we going to allow our elected representatives to do this before we say “ENOUGH”?!

A) that is YOUR debt if you are a US citizen
B) that is only the federal debt. It does not include state and local debt.

A Day Late… Can he sustain it?

Leave a comment

Ok… I have decided that it is virtually impossible to do a credible job of copiously detailing the topics of my major posts with a full time (and then some) job and my desire to ensure the expressed opinion is completely supported.

So, while I fully intend to complete major essays when time is available, I will do my best to present each week a less flushed out, but still worthwhile topic.

With luck, this will meet with my readers’ approval.

That said, a few discoveries I’ve made of late:

1)      The current national debt is: $16,962,383,900,000 (keeping in mind that by the time I was done typing that it had already increased at the rate of $1M every three (3) minutes).  Put simply, the U.S. government is spending approximately $20 million more than it takes in each and every hour of the day!  That is just under $500,000,000 each day (that’s ½ BILLION for those that need help reading it).  Not just spending that amount.  Spending that amount OVER and ABOVE what it takes in.  This is NOT a good thing.  Try running your own household on that accounting model.  This isn’t actually a new discovery, just thought I’d mention it.

2)      Regardless of what I said above, the Federal Government is taking in far more than the necessary resources to ensure it does not default on any of our debt even without an increase in the debt limit.  Said another way, regardless of what the liberals are saying, the sky will not fall without an increase in the debt limit.  We currently are taking in 10 times the necessary funding each month to pay the interest on the debt.  It is also a federal law that the president MUST pay this interest regardless of other funding requirements.  Meaning, for the sake of our children (if not ourselves), we should immediately cut spending to 90% of the current tax collected and we will be fine for the time being.  Next, conduct a Constitutional baseline of the allowed activities and cut expenses to match (this would of course leave millions of government dependent leaches out in the cold (literally since winter is on the way)).  Finally, cut taxes to match REQUIRED spending.  Sounds simple doesn’t it.  It is.  Should anyone try to tell you otherwise, think (don’t say) “clueless”.  I was going to go with “moron” or “idiot” but that might sound negative.

3)      The USDA (yes, that is the United States Department of Agriculture) guarantees home loans.  Yes, you heard (read) me right.  The USDA guarantees residential home loans.  Now you may think that would be for maybe a farmer’s dwelling in which he needs to house himself and his family while he grows crops to feed us.  NOPE!  Anyone that lives in a rural area (defined as 20,000 people or fewer) that meets income requirements (<$73,601 per year for a family of four) qualifies (FICO score etc notwithstanding).  The USDA is in the business of guaranteeing home loans!  How screwed up is our government?!

That’s it for today.  I look forward to expanded commentary in the future but for now, commentary of a limited nature will have to do.

The current national debt is: $16,962,388,400,000.  Your homework is to calculate how long it took me to write and post this article…

>>> The day is at a close, the night is drawing in and my cigar awaits – ’til next time…