Quote of the Day - Simple Economics Edition

Joe Huffman from Saturday:

It is predicted the Federal budget deficit will reach $1.65 trillion this year with a $14.1 trillion debt and about $2.1 trillion in income. Yet the House cannot reach agreement on spending cuts. The House Republicans want to only cut $60 billion in spending and the Democrats only want to cut spending $6.5 billion. If you were to scale this down into numbers people might be able to relate to it would look like the following.


If your family income were $50,000 then:


•Family debt is $335,700
•Family deficit is $39,300 (spending is $89,300/year)
•The head of household wants to cut $1,430 in yearly spending
•The spouse wants to cut $154.80 in yearly spending
The children should cut up the credit cards and sell everything that isn’t the bare minimum needed for food, shelter, clothing, transportation, and communication. If the debt still isn’t being paid down they should consider selling their parents organs.—Joe