I found this on a discussion forum.
Remove 8 zeros from the US national figures and show it as a household budget.
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
Here is the UK equivalent for 2011 (taking off 7 zeros)
Family income: £54,800 (including £25,300 of income tax and NI)
Family spending: £64,800
Credit card balance at start of year: £90,900
Interest on the balance: £4,300
Total amount added to the credit card: £14,300
Total planned budget cuts: £5,000
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Certainly we are but the austerity measures are shrinking the growth
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No, the U.S. budget at least has no relationship to a family budget because the U.S. can create money as they need it. To make that comparison is naive and silly.
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We would be in a mess . . . if our nations were households.
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Except a household can’t raise taxes or gather the £100bn lost every year through tax evasion… Stupid analogy really.
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Man you seriously need to get a life
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this is meaningless you obviously haven’t a clue about economics why don’t you stick with what you do know which is obviously very little.
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and the “credit card balance” is not the “families” debt, it is the bankers debt!
As has been said, silly analogy.