Imagine the federal budget was scaled down to your family. Here is what your financial picture would look like if you prorated all the federal budget numbers to an income of $60,000 per year.
Your income = $60,000 (roughly 1/15th of the total debt)
Your total bebt = $408,571
Your annual expenses = $105,714
Your budget deficit for this year = $45,714 (you must borrow this money to pay your bills)
New total debt = $454,285
Could you and your family survive this? For how long? Would you be planning to build a vacation home (hi speed railway) this year? Heck, wouldn’t you cancel the cable service, music lessons, dining out, or even get rid of the 2nd car?
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