Tuesday, November 27, 2012

Black Friday: Treasury Borrowed $211.69 Per U.S. Household on Day After Thanksgiving

 

The U.S. Treasury increased the net debt of the United States $24,327,048,384.38 on the day after Thanksgiving, which equals approximately $211.69 for each of the nation’s 114,916,000 households.

At the close of business last Wednesday, according to the Treasury, the national debt was $16,283,161,895,179.85. On Thanksgiving, the Treasury took the day off and did no borrowing. But on Friday, the Treasury increased the debt of the United States to $16,307,488,943,564.23. That was a one-day increase of $24,327,048,384.38.

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2 comments:

  1. Hype And FailNovember 27, 2012 at 6:46 PM

    Imagine for a minute that all that money had been spent on Christmas presents and food for the poor, rather than disappearing into the maw of the Government.

    How big a 'stimulus' would THAT have been for the economy? And how much happiness and joy would it have created?

    Remember, the Keynesian multiplier for government money is somewhere between 0.3 and 0.4--meaning every dollar the government spends generates between 30 and 40 CENTS worth of economic activity. In contrast, private sector spending generates a 3-4 time multiplier: $3 to $4 for every dollar spent. Bit of a difference there....

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