Dave Ramsey, If Federal Budget Scaled to Household Budget
Dave Ramsey posted this on his daveramsey.com Web site: What would happen if John Q. Public and his wife called my show with these kinds of numbers? Here’s how their financial situation would stack up: If their 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! I can see the call now, "Dave, we make $55k a year, spend $96k a year, and have a credit card balance of $366k. What do we do?"