"A billion here, a billion there, and pretty soon you're talking real money.
--Attributed to the late Sen. Everett Dirksen
With the kinds of numbers we are seeing nowadays, I reckon the good ole Republican Senator from Illinois might have been known for a slightly different quip if he had lived for another 40 years or so:
Consumer credit outstanding: $2.4 trillion
Mortgage debt outstanding: $10.6 trillion
Federal debt outstanding: $14 trillion
Commercial/multifamily mortgage debt outstanding: $3.2 trillion
Municipal bonds outstanding: $2.8 trillion
Corporate debt (non-financial companies) outstanding: $7.4 trillion
Public pension underfunding: $2.5 trillion
Infrastructure investment needed: $2.2 trillion
U.S. fiscal gap: $202 trillion
Not so funny anymore, however..."
at http://www.financialarmageddon.com/2011/01/a-trillion-here-a-trillion-there.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+financialarmageddon+%28Financial+Armageddon%29
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