US Record Deficit. $1,420,000,000,000.00

by 158 | October 16, 2009 at 01:06 pm

175 views | 40 Recommendations | 12 comments

The deficit for Fiscal Year 2009, which ended Sept. 30, came in at a record $1.42 trillion, more than triple the record set just last year.A year ago, as the financial crisis hit and the Bush administration prepared massive bailout plans, the deficit was $455 billion.

This is huge number, almost

unbelievable. It is $5,000 for

every American.. Interest on

this at 5 percent would be over

$70 billion a year. The real

question is will this help or

hurt the economy, short term

and long term.

--------------------------------------

The US could solve the

deficit problem by making

Zimbabwean dollars the

legal currency. They could

then by $1.5 trillion Z

dollars for $450 US, pay

off the deficit with 100

billion left over.

Zimbabwe's central bank says it will soon introduce a 100 trillion dollar note.The Reserve Bank of Zimbabwe said the new notes that includes 50 trillion, 20 trillion and 10 trillion .

The new 100 trillion dollar bill would be worth about $300 in U.S. currency. A loaf of bread in Zimbabwe now costs about 300 billion Zimbabwean dollars -- and like most commodities, the price increases every day.

A year ago, as the financial crisis hit and the Bush administration prepared massive bailout plans, the deficit was $455 billion.

The Obama administration's stimulus also contributed to the near $1 trillion higher deficit, as did lower government revenues in the wake of the recession.

Last year there was strong

criticism of Bush for his deficit.

Now Obama has one three

times as big. Some blame can

go to Bush but Obama must

bear most of the responsibility

for these huge numbers.

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Hugh Askew

at 13:18 on October 16th, 2009

It will hurt, now, and for a long, long time. Shortsighted, foolish, and just plain foolish.

158

at 13:26 on October 16th, 2009

I tend to agree.

sara star

at 15:29 on October 16th, 2009

Well if you put it that way....

158

at 15:32 on October 16th, 2009

However it is put it is a huge debt someone must pay.

Rory Cripps

at 15:33 on October 16th, 2009

158: Is that all? What will it be ten seconds from now? It sounds like the economy is improving! LOL!

158

at 15:37 on October 16th, 2009

That is all for 2009.

2010 started in October.

Many of those dollars will go to Chiua and improve their economy

Babel-Fish

at 16:15 on October 16th, 2009

What surprising is that US citizens are still able to buy food and clothing and still live in their houses and drive cars. How do they do it when US is so much in debt. USA should be a third world country, Oh its those credit cards. (Tongue in Cheek).

Meanwhile that money used for bailout is earning money, well that's what the US government said it would do?

albertacowpoke

at 18:08 on October 16th, 2009

Read PIM of Spain story today on the economy. He, in a nutshell, says the banks received bailout and then lend the money back to the government making billion dollar profits and paying big dividends to their executives. In the meantime credit is tight in the US and not going to the people that need it.

Unfortunately, it,s business and politics as usual, with deals being struck in backrooms.