Remember when this cat warned you that as a nation, we’re in serious economic doo doo? (Debt ceiling talks falter… Economic edge of no return… $25,000,000.00 per Hour… Why we’re screwed… Cisco and Ponchita talk global finance…)
Well… The following is from Reuters talking about our 14.3 trillion debt…
In $1 bills, the pile would reach to the moon and back twice.
The United States hit its legal borrowing limit on Monday, and the Treasury Department has said the U.S. Congress must raise the debt ceiling by August 2 to avoid a default.
* The White House is trying to hammer out a deal with lawmakers to cut federal spending in exchange for a debt-limit increase.
* Most people have trouble conceptualizing $14.3 trillion.
Stan Collender, a budget expert at Qorvis Communications, said the biggest sum most Americans have ever handled — in real or play money — is the $15,140 in the original, standard Monopoly board game. The United States borrows about 185 times that amount each minute.
Here are some other metrics for understanding the size of the national debt and United States borrowing:
* U.S. Treasury Secretary Timothy Geithner has said the United States borrows about $125 billion per month. With that amount, the United States could buy each of its more than 300 million residents an Apple Inc iPad.
* In a 31-day month, that means the United States borrows about $4 billion per day. A stack of dimes equivalent to that amount would wrap all the way around the Earth with change to spare.
* In one hour, the United States borrows about $168 million, more than it paid to buy Alaska in 1867, converted to today’s dollars. In two hours, the United States borrows more than it paid France for present-day Arkansas, Missouri, Iowa and the rest of the land obtained by the 1803 Louisiana Purchase.
* The U.S. government borrows more than $40,000 per second. That’s more than the cost of a year’s tuition, room and board at many universities.
And you folks scoffed at me… You said this feline was wearing an aluminum foil hat… Got news for you, and it ain’t good… The above is the bright side… The dark side is that our unfunded liabilities (medicare, medicaid, social security, and pensions) are five times as bad as our debt. (Read that, “At least $75 trillion worth of doo doo!”)
I’ll bet you’re thinking… “But this is the U.S… No matter what happens, we’ll get by… We’ll barter… We’ll think of something…” I have a one-word response — “Katrina…” When hurricane Katrina went through New Orleans, most of the police department simply walked off the job, mob rule was the rule, most social services failed, and 1,300 people died. If you think Katrina was bad, imagine what would happen if our economy (and as a result the global economy) collapses… Now we’re starting to talk about Mad Max…
Two cats blogging by the racks…
* Nat Decants: A thorough glossary from Natalie MacLean, noted wine writer, speaker, and judge.
* eRobertParker.com: “The Independent Consumer’s Guide to Fine Wines”
* GLOSSARY of Wine-Tasting Terminology (Version 1.4 – Jan. 1995): A thorough collection of definitions from Anthony Hawkins.