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$3.1 Trillion deficit?

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April 11, 2008 – Comments (6)

I was reading The Mogambo Guru and he challenged his readers to, well, here's his exact words:

the National Debt jumped $60.6 billion last week. A week! As a little exercise, why don't you multiply $60.1 billion in one week by 52 weeks to get a nice annualized figure for the increase in the national debt at this rate?

Well, I took the challenge, $60.6x52 = $3,125...  Here's the process, I must have hit a wrong button, punch the numbers again...  Damn, same number...  The $60.6 was billions, so that's trillion...  Go back and read it again... Crap, I cut and paste, I couldn't have read it wrong... Ugh...  I feel just like he does...

my fingers are mostly clenched into painful tight knots of fear.

6 Comments – Post Your Own

#1) On April 11, 2008 at 11:20 PM, Tastylunch (29.27) wrote:

Wonderful, just wonderful. 2008 is shaping to be a absolutely fantastic year. The impending crises I always worried about are starting to happen and we are compounding them.

I don't know what makes me more upset our leaders'es sheer incompetence or my impotence to do something about it.

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#2) On April 11, 2008 at 11:54 PM, nuf2bdangrus (< 20) wrote:

Our federal budget is a ponzi scheme

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#3) On April 12, 2008 at 12:21 AM, alstry (35.67) wrote:

Wait until the bankruptcies and layoffs start really kicking in, we could be seeing numbers we have never seen before. 

And the Senate is thinking about rebating builders....maybe the builder executives should rebate the Senate.

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#4) On April 12, 2008 at 1:06 AM, MakeItSeven (32.81) wrote:

Well, you can't really annualize that way.  I think the higher deficit in the last few weeks is due to the early tax returns from people who get refunds plus the economic stimulus checks.  People who file late like myself tend to cough up a lot more to the government.

However, the deficit this year (including the SS surplus used in general operation) will likely hit 1T.  That will help Bush beat several records: 5T national debt, 10T national debt and 1T deficit a year.

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#5) On April 12, 2008 at 1:18 AM, TheGarcipian (60.50) wrote:

Amen to that, brothers! Everybody wants a handout, but no one wants to accept the blame (and/or guilt) of overextending themselves. As far as our Fed Budget being a Ponzi scheme, that's funny! But right on, albeit a modified Ponzi scheme. Personally, for all their stately rhetoric and hot air, I wish our illustrious leaders would actually follow in the footsteps of our Founding Fathers, work their civil jobs for near-zero pay out of love and respect for their country, do their governing jobs quickly and then leave office to attend their real jobs as farmers, lawyers, etc. You'd think that with all the wonders of hierarchial government levels and lightning-fast telecommunications these days, they'd need less time in office, not more. Something usually smells fishy to me when career politicians start with their rhetoric about waste. I wouldn't be offended at all if there were term limits placed on Congress people...

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#6) On April 12, 2008 at 9:45 PM, dwot (82.23) wrote:

MakeItSeven, yes I know you can't annualize it that way...  It is a higher than normal deficit week, but it is still amazingly scary.  I think that's in the range of an order of magnitude higher than last year.

 

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