Quote:
Originally Posted by BC-Axeman
From a Cybercast news article today:
"Imagine that you had an average monthly income of about $170 balanced against average monthly expenses of about $940--and that you were more than $14,000 in debt. Then imagine that as of today, you had only $58.60 in cash left in your bank account and $130.50 left on your line of credit. Now multiply these numbers by 1 billion and you will have the up-to-date financial situation of the U.S. government."
Now imagine you can just print more money.
And that you can keep borrowing.
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Before this gets closed over discussion of why it might be closed...
Let me just add that simplified is just that. All of those numbers are very dynamic. The "in the bank" and "credit" numbers start at very high values and count down to nothing for every budget. The "income" number swings wildly around the economy. The "expenses" and "debt" are ticking up slowly for now but that can change. It's not as bad as this snapshot makes it seem. Which is still pretty bad.