What if a Typical Family Spent and Borrowed Like the Federal Government?
If a median-income family spent and borrowed like the federal government does, it would spend $61,000 despite earning only $52,000. It would pile $9,000 on top of an already massive debt of more than $311,000—like having a mortgage, only without the house.
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FIGURES BASED ON THE 2014 BUDGET
Sources: Congressional Budget Office, Treasury Department, and U.S. Census Bureau.