The federal budget, debt, and deficit figures being bandied about are so gargantuan that many people struggle to comprehend them or put them in perspective. Auditors, analysts and accountants have a tool that can help in this regard. Financial statements of different-size entities can be recast into a uniform common-size format. Common-size financial statements make comparisons easier.The table below uses the administration's 2012 fiscal budget, calculates its major components as a percentage of total receipts (i.e., revenue), and applies those percentages to the median household income in the U.S. in 2008 ($50,303) to derive a roughly comparable household-level financial snapshot. Federal Govt.% of 2012receiptsReceipts$2,627,000,000,000100.0%Outlays, excl. interest-$3,487,000,000,000-132.7%Interest-$242,000,000,000-9.2%   Deficit-$1,102,000,000,000-41.9%   Debt$15,813,000,000,000 = 6x receipts   Unfunded Medicare & Social...(Read Full Post)