National Debt explained so that even a nineteen year old (or a Senator) can understand it

Some tidbits to get you interested in an excellant article by Henry Percy at “The American Thinker:” 

“$4 trillion [the “savings” set forth in the “Gang of Six” plan] / 10 [years]= $400 billion per year (assuming that the cuts would be evenly spread, though we know they love to backload them in what they are fond of calling the “out years”). But the deficit is running $1.6 billion [sic–he means trillion]/ year. So the $4 trillion does not really even begin to get a handle on the problem. How about this for a headline: “Grand Bargain Leaves Deficits of $12 Trillion over 10 Years.” Think we’ll see that?”

….

“As you can see, I easily fumble the zeros. I’m sure the vast majority of the public does as well. So I looked up the numbers and translated them into something the average person can relate to.

“Let’s say you earn an even $100,000 per year, part of the 52% of Americans who pay taxes. You’ve got too much to qualify for food stamps or the Earned Income Tax Credit and other goodies, but you’re not rich either, driving an old car, definitely no corporate jet waiting for you at the airport.”

“But wait, why are you driving an old car? Why not a BMW? You deserve it. And a Lexus for the missus? And a vacation in Hawaii? Cruise in Europe? You’re wonderful, you deserve it all. Soon you’re spending $150,000 per year. It’s not hard, because you, not the bankers, set your own credit card limit.” [a little sarcasm there]

“After a couple years the missus [that would be we Tea Baggers] gets nervous, says maybe, just maybe you should cut back. You’re indignant: you have to have transportation, are you expected to drive an old clunker? And you need to relax; you’d be a nervous wreck without getaways to far-off places.” [go read the rest, I’ve stolen enough.]

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