Posted on 01/10/2013 11:33:31 AM PST by Sub-Driver
Here's the summary by Dave Ramsey:
If their household income was $55,000 per year, theyd actually be spending $96,500$41,500 more than they made! That means theyre spending 175% of their annual income! So, in 2011 theyd add $41,500 of debt to their current credit card debt of $366,000!
The Obama administration is telling that family, which is going deeper into debt every year, not only that they needn't stop running deficits, but that even decreasing the rate at which their debt is piling up,is not a worthy goal. They should just keep digging themselves into a deeper hole, hoping that some miracle will bail them out.
This hypothetical family is heading swiftly into a hypothetical bankruptcy.
Our nation is heading swiftly into a real bankruptcy, and a degree of national upheaval never before even imagined.
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