Breaking It Down: $85 Billion In Cuts
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Americans have already looked hard at their annual budgets and made tough decisions about where to cut. Earlier this week Bankrupting America released an infographic that noted the sequester (which will go into effect tomorrow) cuts three cents for every dollar the federal government spends. If the average American household were to make the equivalent cuts, it would eliminate $1,491 from their annual budget. What would cutting $1,491 mean for most families?
- Cutting Entertainment Budget In Half. The average American consumer spends $2,835 each year on entertainment.
- Homemade Gifts For About Nine Months. The average American household spends $1,067 on gifts each year.
- No Starbucks For A Little Over a Year. The average American spends nearly $1,100 on coffee each year.
- Cutting Out A Vacation For Two Years. The average American household spends $672 on lodging, vacation homes and hotels each year.
- Quitting Smoking – But Just For About Three Years. The average smoker spends $380 on tobacco products a year.