What If the National Debt Were Your Debt?
The U.S. federal government collected $2.2 trillion in 2011. This includes revenue from all sources. Also in 2011, the federal government spent $3.8 trillion and was $14.6 trillion in debt.
These numbers are too big to comprehend, so economics professor Antony Davies presents the government’s fiscal situation scaled down to the level of an average household. He shows what spending on debt would look like if the government’s revenue were $50,000 instead of $2.2 trillion.
If you spent the way the government does, you might be contemplating bankruptcy. What should be done to ensure the U.S. government gets its fiscal house in order before it becomes impossible to pay the bills?