Time magazine on October 6, 2008 put the bailout/rescue plan amount in perspective, saying that with $700 billion you could:
- Give every person in the US $2300, or very household $6200
- Pay the income taxes of every American who makes under $500,000 a year
- Fully fund the Defense, Treasury, State, Veterans Affairs, and Interior Departments next year -- as well as NASA
- Buy gasoline for every car in the US for 16 months
- Buy every NFL, NBA, and Major League Baseball team, build them all a new stadium, and pay all the players $191 million each for a year
- Create the 17th largest economy in the world, roughly equal to the Netherlands
- Or pay off only 7% of our national debt of $9.8 trillion
1 comment:
The most shocking part of this blog entry is that $700 billion will only pay 7% of or total national debt...it is not likely it will ever be paid off.
Whale
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