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Are you #debt fed up?

#ToughTalkingTroy is completely #debt fed up, but maintains that the status of the US debt is still the #1 economic indicator. Frankly, it doesn’t matter what the value of home was, is, should be, or whether you or your neighbor is employed or not, if the government cannot sustain itself. To put the impact of the recent congressional solution of controlling the nation’s debt into perspective, Tough-talking Troy is re-using some info from Jeremy M. Day, a blogger about business economics and technology.

“The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let’s put the 2011 federal budget into perspective:

  • U.S. income: $2,170,000,000,000
  • Federal budget: $3,820,000,000,000
  • New debt: $ 1,650,000,000,000
  • National debt: $14,271,000,000,000
  • Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)”

It may help to think about these numbers in easy terms. Therefore, eight zeros have been removed from these numbers and just for this moment, let’s pretend this is the household budget for the hallway:

  • Total annual income for the Smith family: $21,700
  • Amount of money the Smith family spent: $38,200
  • Amount of new debt added to the credit card: $16,500
  • Outstanding balance on the credit card: $142,710
  • Amount cut from the budget: $385

Depressing, huh? Shocking even? Maybe there is consolation in the fact that our legislators after months of debate finally agreed on something (key word is finally). What this illustration proves is that the recent legislative action is nothing more than placing a band-aid on a gaping wound that is going to take major surgery to repair.

After all the bickering and jockeying for political prowess, Poor’s and Moody downgraded the government’s overall rating shortly after the decision to control the debt was announced. Contrary to the stunned reactions of congress, many Americans (including Tough-talking Troy)  fully expected this to happen. If there is any bright light from this, it is the fact that there is so much turmoil globally that even downgraded, the US is still the best of the worst.

So, “how fed up are you?” Tough-talking Troy wants to know what you gonna ’bout it, bad boy?

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... a simple man of faith who married his high school sweetheart in 1977. With four generations all living under the same roof, my stories are truly about living life in the hallway.

4 Responses to “Are you #debt fed up?”

  1. Raoul August 13, 2011 at 1:27 pm #

    I am debt fed up! Many people are more concerned with their home and their 401K value than the skyrocketing national debt. If the national debt rises to the point where the government can not sustain it self, it loses the ability to protect its citizens, provide civil services, etc. What would happen to the value of your house if your neighborhood suddenly became an unsafe place to live after a breakdown in government? What would happen to your 401K if US debt was downgraded to junk status? Sadly, most people are forced to be more concerned with making ends meet daily than to worry about national debt and deficit issues. Those are the same people that have the most to lose if our government fails due to its overwhelming debt burden.

  2. hi_c August 15, 2011 at 12:54 pm #

    In addition to being debt fed up, I’m also politically fed up. Did anyone notice that both sides of the aisle would only come to an agreement when the really tough decisions about our nations debt would be put off until AFTER the 2012 elections?

    They’re more worried about re-election than the fiscal health of our nation!

    Here’s what I want to see:

    – Two term limits for all politicians (works for pres, why not sen & reps?)
    – All congress people have the same options to health care as us (why should they make decisions on things that don’t affect them!?)
    – Congressional campaign dollars can only be supplied by their constituents (not out-of-district lobbyists)

    Ok, I’ll get off the soap box.

    • Stephanie Holladay August 15, 2011 at 3:09 pm #

      great suggestions. I’m debt fed up and politically fed up. I’m a part of the great recovery that Dave Ramsey is proposing. Basically all of us get out from under our debt and set an example to our government. It’s bottom up take over. We need to take our government back from the vultures. They are picking the bones clean and taking whatever they can. I agree that the senators and representatives should have terms in office. Then maybe it wouldn’t be made a life career!! And only people who truely cared to improve our country would make it. If you have a second, look at daveramsey.com. I’m not in any way affiliated with him, so I’m just suggesting it. I love my new path to debt freedom!! We need to get back to our roots and have things actually matter to our country!!

  3. Troy August 18, 2011 at 6:46 pm #

    Raoul… I get that people may have concerns about 401(k), etc. What I am suggesting is that they now need to get tough on national debt. They can either just add this item to the list of things to worry about, or support legislators who get it and see the big picture. The health of the country will have more to do with how these folks live prosperous and enjoyable lives because the local and international debt affects the stock market. Take today August 18, 2011 as an example. The stock market took a dive and not because of what what happening here. It was because of what was happening abroad. This isn’t your grandpa’s government any more!

    hi_c… totally love the term limit, health insurance and contribution ideas. They make so much sense that there’s no chance they will ever be adopted.

    Stephanie… congratulations on your “debt-free” financial lifestyle. You are making a great choice, even if the government doesn’t follow suit.

    BTW… if congress claims that the healthcare reform was wanted and needed by the people, can someone please introduce me to the “people?” I mean… at least one. Either, Tough-talking Troy scares them, or these folks only mythically exist. Much like the way they do in organizations when someone wants to make a point and the reference is “people have said.”

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