Wednesday, April 20, 2011
On April 4, Treasury Secretary Timothy Geithner sent a letter to Senate Majority Leader Harry Reid (D.-Nev.) in order to warn Congress that the Treasury was approaching the legal debt limit. In an appendix to this letter, Geithner pointed to the rapid pace at which new debt was accumulating.
“On average,” Geithner wrote, “the public debt of the United States increases by approximately $125 billion per month (although there are significant variations from month to month).”
In a 31-day month, $125 billion in new debt works out to an average of $4.03 billion in new debt per day ($166 million in new debt per Hour)
Perspective #1- If you owned a major corporation with 80,000 employees and each of them was paid $50,000 for a year of work, that would equal what the US Government is creating in new debt Daily.
Perspective #2 - It is said the National Football League is a $9 billion/year business. It takes the US government 54 hours of debt accumulation to match that value
Posted by Susquehanna at Wednesday, April 20, 2011