From (of all people) Glenn Beck’s piece on CNN:
Let me give you three numbers that will put this economic asteroid into perspective: $200 billion, $14.1 trillion, and $53 trillion.
$200 billion is the approximate total amount of write-downs announced so far as a result of the current credit crisis.
$14.1 trillion is the size of the entire U.S. economy
And $53 trillion is (drum roll please) the approximate size of this country’s bill for the Social Security and Medicare promises we’ve made.
Not good, not good at all. Read more.
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Posted By: Ashkan Karbasfrooshan | Mar 27th
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March 27th, 2008 at 1:28 pm
What matters is what % of GDP will there be needed to pay for all the expenses? It’s not just the people who help pay for the expenses, but the corporations as well.
CNN divides it by the number of households That’s backwards.
One of the biggest problems is the US’s dependence on China. The US will no longer own the farm if they keep this up.
What to do to reduce the expenses?
Raise taxes on gasoline 50% and you earn an extra 70 billion a year.
The price will be similar to what people in other parts of the world pay for it.
The size of the US economy is 14 trilllon.
Increase productivity by 10% and not only will you make an extra trillion, you will grow your economy as well.
The cost of the war in Iraq is probably close to 500 billion
That’s 100 billion a year you can save.
Teach the people how to stay healthy, how to eat healthy, etc .. and it will reduce healthcare expenses.
It’s doable.