Yes, a billion dollars an hour seems like a lot of money until you roll across the bridge over the Potomac from Virginia, cruise by the Watergate and head up Constitution Avenue; then it appears to become chump change. Or some kind of change, I can't remember, I heard a lot about change a few months ago so this must be what they were referring to before the election.
It's actually what the new budget will cost if passed - the spending shock is only exceeded by that of the deficit increase, maybe I can put a little more perspective on it.
I pointed out on my radio show last week that if you wrote a check for $1 million a day, every day since Mary delivered Jesus until now; it still wouldn't be $1 trillion.
So it's clear that the numbers have gotten so large that they have become meaningless, much like I can say that light moves at 186,000 miles per second but it's difficult for it to mean anything to me in a real-world situation.
At this deficit level each child born after this budget passes will owe the federal government about $22,000, and that figure is likely to grow.
Senator Gregg,who was wise enough to pass on the commerce secretary appointment adroitly points out that according to the rules of the European Union you are dis-favored for admission if your deficit is more than 3% of your gross domestic product.
By the year 2010 the Congressional Budget Office estimates our deficit to be between 8% to 12% of our gross domestic product.
If you would like to see the actual document from the Congressional Budget Office click anywhere on this posting.
