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Friday, November 28, 2008

The Deficit Turns $1 Trillion by David Serchuk FROM Forbes

"One news organization has filed under the Freedom of Information Act in order to tally all the pledges the U.S. government has made year to date. The number that comes back? $7.7 trillion--more than half of all goods and services produced in the U.S. last year. There is $2.2 trillion from the Fed for commercial paper, $1.4 trillion from the FDIC for bank-to-bank loan guarantees, and so on. The $700 billion approved by Congress looks puny by comparison." 

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