US Deficit in Family Terms

[Marek Bennett]

Have you seen this blog post yet?  It's a great way to imagine our national problem in domestic (i.o.w. household) terms:

http://blogs.law.harvard.edu/philg/2011/04/10/understanding-congres...

 

"We have a family that is spending $38,200 per year. The family’s income is $21,700 per year. The family adds $16,500 in credit card debt every year in order to pay its bills. After a long and difficult debate among family members, keeping in mind that it was not going to be possible to borrow $16,500 every year forever, the parents and children agreed that a $380/year premium cable subscription could be terminated. So now the family will have to borrow only $16,120 per year."