Downgrade — so what else is new? Congress: take heed!
I’d like to blame Obama … but the Constitutional experts around here (and “experts” all over the Media) seem regularly to forget that only Congress can raise money or spend it. By all means, “leadership” is in question … but when push comes to shove, only the Republican House can raise taxes and “it takes a village” of Congress critters to spend far more than they can raise. The recent agreement didn’t cut a whit of spending, but managed to further the myth that “future reductions in the rate of increase” are somehow a victory!
Like most folks, $trillions of dollars are incomprehensible to me (and Congress counts on this). So here’s the story in simpler terms:
In 2010, the average worker made $44,410 a year. I’ve seen other figures, some as high as $47,000 (and bailed-out bankers are paid$millions/yr, raising the average). Following, all figures are based on Fiscal 2010, which ended September 30, 2010 and for which ACTUAL figures are available.
SO … let’s just round that up to $50,000 per year (a third of a Congress critter’s salary) … consider yourself lucky.
If you were the Federal Government, your income was $50,000 (in fact, IRS collections were $2.3451 TRILLION!).
Proportionally, you spent $59,541 (actually, Congress spent $2.7926 Trillion) … about 20% more than you made.
And incidentally, you had $289,147 in debt (Total Federal FY2010 ending: $13.5616 Trillion)
If you stop eating and driving and buying clothes, you could pay off your debt in six years. If you take out a mortgage at 5%, that debt could be paid off in 30 years at only $1,552.20 a month!
Of course, you may already have a mortgage. And perhaps you like to eat and have to drive to work and you prefer to wear clothes. Just remember that Congress has already hocked your life (and those of your children) to the extent above … above and beyond what you already require to live.
You ARE the Federal Government and Congress. If you spend 20% more than you make each year and are in debt that amounts to six years’ salary (it’s more, now), did you expect a better credit rating?