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By Ryan Quinn
$14.99
By Carl Safina
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$23
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Flickr / yomanimus
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This just in: U.S. households are getting poorer. As the crisis continues to wreak havoc on our economy, new data from the Federal Reserve tells us that U.S. net household worth has dropped $1.5 trillion in the second quarter of 2010 and is down more than $10 trillion since the recession began.
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Wikimedia Commons/Revisorweb
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America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.
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mariopiperni.com / Mario Piperni
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The current year’s federal budget deficit, according to congressional economists, will top $1.8 trillion, the biggest ever by far. And their projection for the fiscal 2010 budget shortfall is tickling $1.4 trillion, putting both estimates much higher than they were in forecasts back in January.
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On Monday morning, as the aftershocks from Wall Street’s worst week in decades continued to rock the national and global economy and the Bush administration scrambled to contain the fallout with a bailout plan that could cost American taxpayers over a trillion dollars, Sen. Bernie Sanders, Robert Scheer and Dean Baker joined “Democracy Now!” host Amy Goodman (above) to sort through the rubble and speculate about what might come next.
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AP photo / Lauren Victoria Burke
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If you thought the Iraq war was expensive, the Bush administration is also throwing an estimated $1-trillion bailout of major finance firms to prevent a meltdown of the U.S. economy. President Bush and Treasury Secretary Henry Paulson outlined such a “bold approach” Friday morning, yet detailed plans still remain forthcoming.
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We’ve all heard of Publishers Clearing House, but this is a whole new ballgame, people. Robert Greenwald’s Brave New Films team has come up with a game that offers each player the fictional (sigh) amount of $3 trillion, the same amount the Iraq war is projected to cost the U.S., and a whole virtual mall’s worth of fun “shopping” items to buy.
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AP photo / Charles Dharapak
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By Robert Scheer — What can you get for a trillion bucks? Or make that $1.6 trillion, if you take the cost of the Iraq and Afghanistan wars as tallied by the majority staff of Congress’ Joint Economic Committee. Or is it the $3.5-trillion figure cited by Paul, whose concern about the true cost of this war for ordinary Americans shames the leading Democrats?
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boston.com
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It’s difficult to fully comprehend the total price tag of the Iraq war, but Republican presidential candidate Ron Paul has made some staggering calculations, coming up with a whopping $3.5 trillion—including “hidden costs” such as interest on the money we’re borrowing, and long-term health care for vets.
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