NEW YORK – The Obama
administration[regime] is the first government in human history to propose going $1 trillion in debt for any reason, let alone on the premise that borrowing and spending that amount would be a solution rather than another problem.
To answer the question of how big a problem borrowing $1 trillion will be, we decided to examine just how large 1 trillion actually is. One trillion is the number "1" followed by 12 zeroes, as in: 1,000,000,000,000.
One trillion seconds of ordinary clock time = 31,546 years.
So, spending at $1 a second, it would take 31,546 years to spend $1 trillion.
Craig Smith, founder and CEO of Swiss America, estimates it would take approximately four generations of Americans to pay off the interest of the U.S. Treasury bonds sold as debt to fund the $1 trillion stimulus package, factoring in a 3-percent growth rate in the economy throughout that time.
The U.S. national debt now exceeds $10 trillion and is estimated currently at $10,624,012,813,982.43 as of yesterday at 6:44:38 p.m. Eastern Time., according to the U.S. National Debt Clock at Times Square in New York City. With the estimated population of the United States at 305,556,415, each citizen's share of the national debt is $34,769.40.
An odd and interesting (to me) facet of the stimulus question is this bit about Sen. Byrd -by whom I am so often embarassed and to whom I am so often opposed- trying to get a piece of the pie for the coal industry. The anticoal radicals (and other lefties) aren't going to like that at all, but as I mentioned in a comment here, what Byrd is getting - or attempting to get - would create desperately needed jobs here in West Virginia, and would benefit the national economy, our energy status and national security.
We'll see what happens. I just wonder when Obama's going to pull out that "scalpel" he spoke of so often :)