Friday, August 05, 2011

Debt

I'm nauseous at the news that the S & P has Downgraded the United States credit rating from a AAA to a AA+. The U.S. has had a AAA credit rating since 1910. Here is the dumbed down explanation of our situation.

‎"If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand." - Dave Ramsey

Kind of mind-boggling, don't ya think?

7 comments:

Angie said...

And we wonder why our country is having financial difficulties??

Jennifer said...

Unbelievable, really. What does that teach our kids? Certainly not fiscal responsibility.

Kimberlie said...

It's nauseating! Paul and I have to live on a budget, you do too, we have to make cuts if our income declines, and we have to tell our children "No, we just can't do that right now." It's time we Americans pick ourselves up by the bootstraps and get real. Somehow, we have to make our voices louder than those of the special interest groups otherwise, the spending will continue. Our "we want what we want and we want it now" attitude has got to stop.

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trustandobey said...

Our Founding Fathers are rolling over in their graves. It is a sad wake-up call for our nation.

Redeye said...

It's a sad state for sure; but only Standard & Poors downgraded. Moodys and Finch still give us a AAA rating. Wonder why the media does not say this.

James, Dawn and Family said...

It is illing--maybe Dave Ramsey should go to Washington. We try to live our life on his principles...