All the reports about the "fiscal cliff," the debt, deficit, etc., are truly mind-numbing with all the trillion-dollar figures. But by eliminating some zeroes (eight to be exact) and relating it to a family situation, the issue becomes very understandable.
For example, assume a couple has $160,000 in credit card debt. Every year, the debt gets worse because they overspend by $12,000. Recognizing their financial mess, the couple devise a plan to fix things. They ask their wealthy relatives to give them $16,000 over 10 years. The relatives are reluctant, but since it is only $1,600 a year, they agree.The couple happily takes the money but continues to live and spend as before. The result is that after 10 years, their debt grows to $264,000. Their wealthy relatives are disgusted, and the couple's kids resent them because they are going to get stuck with Mom and Dad's debt.Add back the eight zeroes to all the above numbers, and that is the exact situation facing Congress and the president. Taxing the wealthy by $1.6 trillion over 10 years may make us feel good, but it only covers a few cents of each dollar of the deficit. If spending is not addressed, our debt will grow from the current $16 trillion to $26.4 trillion in 10 years. Is that what we want for our children?-- Keith Staudt, ColleyvilleHave more to add? News tip? Tell us
