Is the Ramsey Debt Quote an Urban Legend?
I saw this quote on Facebook and I was a little skeptical because of its popularity. I don’t disagree with the sentiment but I’m not sure the numbers are real or that it’s from Dave Ramsey
“If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.” – Dave Ramsey
Then I became more skeptical when I saw this on Facebook.
If the US Government were a family & 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! – Dave Ramsey
Two different sets of numbers starts to qualify it as an urban legend. Does anyone know the source of the stats? Did Dave Ramsey provide either of them? I looked on Snopes.com but they didn’t have anything about it. At least it’s not being attributed to Albert Einstein.






Scott
The bottom quote came via Dave’s feed on FB, I would assume it is rightly attributed to him. The earlier quote either is not his or was from an earlier date, before all the recent debt ceiling BS in congress. I believe this is the case, that Dave just updated the numbers to reflect the current situation.
August 9th, 2011 at 9:03 amJim Richardson
If the population of the US is about 314 million and if the total US Government borrowings is about $14,825,308 million (see below), the debt per head of population is $47,214. If the US Government was a family and has a credit card debt of $327,000, the family would have 6.9 persons in the family.
http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/external-debt.aspx
September 29th, 2011 at 12:52 am