Useless Information

Useless information from my random world

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.


2 Comments


  1. 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.



  2. Jim 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




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