It seems a week doesn't go by when I don't hear of someone warning us that the U.S. debt is out of control and unmanageable, even for our "wealthy" country. I saw an article on CNBC's website that quoted an editorial from the Washington Post. Sheila Bair, the chair of the FDIC thinks the "Next Debt Crisis May Start in Washington".
The U.S. debt is now estimated at about 14 trillion dollars. How much is 14 trillion? According to website http://100777.com/node/455, "The U.S. government spends more than the entire Gross Domestic Product (GDP) of Australia, China and Spain combined. If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times before you ran out of dollar bills! One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills."
There are several great videos out there, but attached is my favorite that helps put this into perspective. Keep in mind that 1 trillion is less than 1/10th of our nations debt!
Just some stuff for you to chew on.
Friday
How Much is a Trillion?
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1 comment:
I've seen some economists placing our true debt at around 54 trillion... you know, once you unravel all of the cooky money shifting the government and fed does. :(
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