Please help me visualize 7.4 trillion dollars and how long it will take to get out of debt?
by admin ~ December 18th, 2006 . Filed under: Other - Business & Finance .
Daphne asked:
Based on the economy’s performance over the last few years, how long will it take to get out of debt. But more importantly, based on the population, can you help me visualize that amount of money?
Annie
Based on the economy’s performance over the last few years, how long will it take to get out of debt. But more importantly, based on the population, can you help me visualize that amount of money?
Annie
December 20th, 2006 at 2:23 pm
A triilion is a million millions. In other words, if you gather 1 million millionaires together, then if add all their money together, you’ve got at least a trillion dollars. 7.4 triilion is, of course, just 7.4 times as big as one trillion, which is much easier to visualize once you really “get” what a huge amount one trillion dollars is.
As far as how long it will take to get out of debt, the answer may very well be never — because we just keep borrowing more. Our government is addicted to borrowing, because the American people are addicted to expensive government programs which are too expensive for tax revenues to cover — and, of course, nobody wants our taxes raised. Therefore, we just borrow more and more and more. I see no end to this — but if one comes, I bet it will not be pretty.