Face the Facts USA is delivering 100 provocative facts about big issues over the next 100 days leading up to the November elections to help Americans debunk myths, hold better conversations, get involved, and make choices as smarter citizens. Here is Fact #1 with supporting substantiation.
The following, by www.FaceTheFactsUSA.org, is brought to you courtesy of Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!). This paragraph must be included in any article re-posting to avoid copyright infringement.
Fact 1: Released: July 30, 2012 – Debt & Deficits
Revenue doesn’t cover core US programs
How fast is the federal deficit rising? (See video here (1:14 minutes). In every second of 2011, the government spent $114,253 while taking in only $73,043 in revenue. That means in each second, the federal government spent $41,210 (A luxury SUV’s worth of red ink – every second!) that it didn’t have. Divided among every man, woman and child in the US, the 2011 deficit amounted to $4,158.
How do we know?
Check the original source behind the fact:
What do others say?
Here are relevant views and reporting from other sources. As you explore, keep in mind that some selections may argue a point of view, and we can’t warrant the accuracy of facts you face along the way.
- CBS Money Watch: “Six Scary Facts About the US Budget Deficit”
- Roosevelt Institute: “A World Upside Down? Deficit Fantasies in the Great Recession”
- Bankrupting America infographic: “Fiscal Year 2013 Budget by the Numbers”
- Heritage Foundation: “What if Families Handled Finances Like the Federal Government Does?”
- Concord Coalition: “The Structural Deficit: What is It, Why Do We Have One, and Why Should We Worry About It?”
- Congressional Budget Office infographic: “The U.S. Federal Budget”
- George Washington University: “Good deficits: Protecting the public interest from deficit hysteria”
- Bloomberg View: “Don’t Worry About Deficit That Will Heal Itself”
- CNBC video: “Fixing the budget deficit”
*http://www.facethefactsusa.org/facts/a-luxury-suvs-worth-of-red-ink–every-second/ (Face the Facts USA is a nonpartisan information resource from the Center for Innovative Media at The George Washington University.)
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