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BIGMIKE
Premium
join:2002-06-07
Westminster, CA
| reply to JohnQPublic
Re: Yeah, that's the ticket!
US stares at a $1 trillion deficit. How bad is that?
NEW YORK - The US government's extraordinary effort to rescue the banking system may have pulled America's economy back from the brink, but it comes at a cost – helping to push an already bloated deficit up to an estimated $1 trillion for this fiscal year.
That would be a record in today's dollars – and would represent the highest level of federal red ink as a share of the overall economy of any US budget since the 1940s. For each household, this year's deficit would pile on an extra $8,620 of federal debt. »www.csmonitor.com/2008/1016/p01s05-usec.html
$10 trillion
The estimated population of the United States is 305,294,541
so each citizen's share of this debt is $34,835.86.
»www.brillig.com/debt_clock/ | |
funchords
Hello
Premium,MVM
join:2001-03-11
Washington, DC
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| It's bad. It would be a record in any day's dollars!
We have a GDP of $11-12 trillion -- so the thought of $1 trillion to get things moving again isn't absurd on its face, the actual plan ought to be considered.
When you're out of work, sometimes you retool -- you buy some new clothes, take a course or two you might need, spend money seeking that employment -- and as a result, you get that next job.
In this case, there is some make-work fluff here. They're trying to get "main-street" consumers employed and spending again. We probably wouldn't want government to do stuff like this in normal times.
But there's plenty of "we need to do this anyway" stuff here, too.
--
Robb Topolski -= funchords.com =- Hillsboro, Oregon -- KJ7RL
What you do at Christmas does not matter so much; What counts are the Christmas things you do all year through. | |
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