Chamblee54

The Covid Debt

Posted in History, Library of Congress, Politics, Quotes, Undogegorized by chamblee54 on May 27, 2021


“Blessed are the young, for they shall inherit the national debt.” Herbert Hoover said this, at the Nebraska Republican Conference, January 16,1936. In 1936, the national debt was $33.7 billion. This was during the depression, when the government was trying to revive the economy. When Mr. Hoover was President, in 1932, the debt was $19.4 billion.

The national debt today is $28.2 trillion. This is 855 times the debt in 1932. The government likes to spend more money than it has.

2020 was a big year for the national debt. When covid hit, the economy shut down. The government went on a spending spree. The resulting budget deficit (the amount added onto the national debt) for fiscal year 2020 is estimated to be $3.7 trillion. The fiscal year is October 1 through September.

$3.7 trillion is larger than the total national debt in 1991, $3.666 trillion. $3.7 trillion works out to $71.1 billion per week, $10.1 billion per day, $422.3 million per hour. This does not include government spending covered by tax revenue.

“A billion here, a billion there, and pretty soon you’re talking real money.” This gem is credited to the late Everett Dirkson, Republican Senator from Illinois. In 1965, the photogenic Senator was losing sleep over raising the national debt to $328 billion.

A billion is a difficult number to comprehend. A billion seconds ago, it was 1989. A billion minutes ago, the Roman empire flourished. (There are 24 hours/1440 minutes in a day. There are 525,600 minutes in a non-leap year.) Pictures today are from The Library of Congress. These men were soldiers in the War Between the States. In 1865, the national debt was $2.6 billion.

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