cliffWe all have been hearing about the Fiscal Cliff unless you are living under a rock. Here is a great Plain English explanation.

Lesson # 1:
* U.S. Tax revenue: $2,170,000,000,000
* Fed 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

Let’s now 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
* Balance owing on the credit card: $142,710
* Total budget cuts so far: $3.85 Got It ?

Lesson # 2:
Here’s another way to look at the Debt Ceiling:
Let’s say, You come home from work and find there has been a sewer backup in your neighborhood and your home has sewage all the way up to your ceilings. What do you think you should do – raise the ceilings, or remove the crap?