Topic: Economics
Will 1 billion become "just a number"? Growing spending by the US government is leading to 1 Billion becoming "just a number"by Darryl W. Perry
(libertarian)
Friday, September 26, 2008
In terms of the average person, $1 Billion is an amount that he will not accumulate in his lifetime, or even ten lifetimes.
However, to the government, $1 Billion, is a small amount and is only a fraction of some spending bills. There has been talk recently about a proposed $700 Billion bailout of Wall Street; yet, little to no talk about the $630 Billion spending bill passed, in the House, Wednesday night by a margin of 370-58. This massive bill flew by virtually under the radar of the mainstream. This bill included 2,322 earmarks totalling $6.6 Billion; with the majority of the earmarks going to the district's of Congressional leaders. If we add this to other LARGE spending bills, $300 Billion to baliout "home-owners" with bad mortages, $70 Billion to fund troops in Iraq & Afghanistan, plus a proposed $700 Billion Wall Street Bailout, we get $1.67 Trillion. Some of this will go towards the nearly $10 Trillion debt that the US Government currently has, and according to Downsize DC, there are $53.3 Trillion in unfunded liablilities.
So, we may at some date in the future have a $100 Trillion debt and 1 billion will be just another number, like 1, 5 or 20.
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The views expressed in this
article are those of Darryl W. Perry only and do not represent
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employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
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