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October 1, 2009
Happy New Year! - fiscally speaking
The government's fiscal year begins today so, in the spirit of the new year, let's take stock of our fiscal accomplishments over the past year, I present some facts and figures courtesy of The Committee For a Responsible Federal Budget (via Hit and Run ):
• $1,650,971,205,167 added to the national debt, bringing the total to $7.5 trillion.Figures sure to warm the cockles of any red blooded Obamabot out there. As for the rest of us, please pass that bottle of scotch - I think I'll pour myself a jigger or two.
• 99 banks taken over by the Federal Deposit Insurance Company.
• 684 banks receiving support from the Troubled Asset Relief Program that doesn't buy troubled assets.
• 11.2 percent: the percentage of the federal deficit to GDP. This is the highest that ratio has been since Japan surrendered in 1945.
• $164 billion spent out of the entire $787 billion in stimulus funding in the American Recovery and Reinvestment Act. Most of this has gone to Medicaid, unemployment and the Making Work Pay Tax Credit.
Getting drunk may be the only way to make sense of the sorry state of our country's finances.