Modern Econ for Dummies
Absolutely fascinating day to be an economics enthusiast.This level of financial intervention is completely unprecedented and almost entirely unforeseen. If we add the $2.3 trillion stimulus from the Federal Reserve today and $2.2 trillion stimulus from Congress last week. THAT BRINGS US TO ROUGHLY $4.5 TRILLION OF ECONOMIC AID IN ONE WEEK. Allow me to put that in perspective:
$4.5 Trillion =
- $13,657 per US citizen - 2.7 times the annual income tax revenue - Enough to pay off all student loan debt and credit card debt and have $1.754 trillion left over
Our current GDP (falling) is $21.65 trillion. Our current debt (rising) is $24.00 trillion We have $137 trillion in unfunded liabilities (dollars promised in future but not yet set aside)
Lastly, let's reduce the federal budget by a scale of (33959144:1) and make it look like a household budget: The government revenues are $100,000 annually. They have $706,920 of debt. They need $4,044,830 in order to fund retirement.