November 26, 2012

The real Black Friday

From CNS News:
Black Friday: Treasury Borrowed $211.69 Per U.S. Household on Day After Thanksgiving
The U.S. Treasury increased the net debt of the United States $24,327,048,384.38 on the day after Thanksgiving, which equals approximately $211.69 for each of the nation�s 114,916,000 households.

At the close of business last Wednesday, according to the Treasury, the national debt was $16,283,161,895,179.85. On Thanksgiving, the Treasury took the day off and did no borrowing. But on Friday, the Treasury increased the debt of the United States to $16,307,488,943,564.23. That was a one-day increase of $24,327,048,384.38.
This sounds like a lot but the United States Federal deficit -- not the amount that it spends, just the amount that it borrows -- was $3.8 Billion per day. Federal Spending is $9.7 Billion per day (2010 numbers). This will keep us going for less than one week (deficit) or two and a half days for total spending. Warren Buffet talks about higher rates for "the super rich" -- this will only bring in enough to cover seven days of deficits. We do not have a taxation problem -- we have a spending problem. Posted by DaveH at November 26, 2012 7:44 PM
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