To be smart and well-informed enough to vote, Americansshould at least knowthe basics about deficits and debt. Here aretwoquestions todetermine whether youqualify:1. Imagine that you and your family have $22,000 in annualincomebutspend$38,000.Whatis your deficit for the year?Answer: $16,000 ($38,000 - $22,000)2. Nowimagine that you made up the difference between whatyou earned and what you spent by borrowing the $16,000.The $16,000 is in addition to $142,000 that you have alreadyborrowed to pay off deficits from previous years. And inaddition to the $16,000 and $142,000, there is $500,000 thatyou have promised in writing to pay to other creditors.Whatis your total debt?
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