Via The Atlantic:
If The Federal Government’s household income was $55,000 per year, they’d actually be spending $96,500–$41,500 more than they made! That means they’re spending 175% of their annual income! So, in 2011 they’d add $41,500 of debt to their current credit card debt of $366,000!
Yup, it’s as bad as you thought.
Would be interesting to see what Rome’s debt-to-income ratio looked like before they fell.
Last night while playing Putt-Putt with Lindsey, I heard a radio ad over the loud speaker that went something like this:
In debt? Variable mortgage rates got you down? Then call us today to find out how to pay off all of your debts, including your home, in less than fives years, without ever increasing your payments or income!!! The “Debt-To-Wealth System” has already begun working for home owners in your area [insert bogus, bad acting customer testimonials here].
Why didn’t I think of that!?