Somebody needs to do this for the Greek economyOkay, so the US isn't yet paying credit card interest rates on its debt, and it has options that ordinary households don't (like stealing and money printing), but it's shocking nonetheless.
US financial position is as follows:-
US tax revenues $ 2,170,000,000,000 Fed Budget $ 3,820,000,000,000 New Debt $ 1,650,000,000,000 National Debt $14,271,000,000,000 Recent budget cuts $ 38,500,000,000
Now just remove 8 zeroes and pretend it is a household budget
Annual family income $ 21,700 Money the family spent $ 38,200 New Debt on the credit card $ 16,500 Outstanding balance on the credit card $142,710 Total budget cuts $ 385
I haven't checked whether the figures are accurate, but they look about right, and it's a great way of presenting the problem. I'll try to find time to knock up a similar example for the UK.