|GENEALOGY||LETTERS||COMETSCORE||ABOUT REX HOOVER|
Spending Our Future
Average family income in 2008 was $50,000. Let's see how it would look if we spent that money like the Obama administration spent ours in 2010.
$4,762 (6%) would be sent to the bank to pay the annual interest we owed for borrowing money in previous years (Interest). It would not reduce that debt though.
$15,873 (20%) would be sent to the person we borrowed money from in the past who is now providing 30% of our current income (Social Security).
$15,873 (20%) would be sent to people who protect our way of life; Police, Fire, Courts, and Emergency Services companies (DOD).
$30,159 (38%) would be sent to our church for distribution to the less fortunate (Entitlements).
$12,698 (16%) would be used for our normal family things (Discretionary)
However, these expenditures add up to $79,365, which is 63% more than our income. That means we actually spent $29,365 more than we had.
What are our choices? Borrowing from a Bank won't work; when they look at what we spend versus our income they'll escort us to the door. Those "free" Credit Cards we get in the mail won't cover our shortfall. The only choice left is to put ourselves and our following generation's into bondage to a Loan Shark.
Or maybe cut back on our spending by 63%!!!!
Rex A. Hoover