American Recovery and Reinvestment Bill – $2,927 Per United States Citizen
The House and Senate continue to discuss the fate of a proposed economic stimulus package – the . Currently, the House version of the bill includes $825 Billion dollars worth of new spending and tax cuts. The Senate version, as of yesterday, now has a price tag of $887 Billion dollars.
I’m trying to wrap my head around just how much $887 Billion dollars really is, and I’m not alone. My pal Frugal Dad ran the numbers, and I strongly urge you to read his article about how long it would take to spend $887 Billion dollars, at a rate of $1 Million dollars per day. Before you read his article, please be seated, because you might faint.
After reading Frugal Dad’s article, I grabbed my handy calculator, did a few Google searches, and I’ve come up with some pretty staggering numbers of my own.
According to the most recent estimates, there areUnited States Citizens. If the Senate version of the bill passes, the one that calls for $887 Billion dollars in new spending and tax cuts, that would equal $2,927 per United States Citizen. This amount is in addition to all existing tax liabilities.
It looks like the bill, in some shape or form, is going to pass both houses of Congress and then be signed into law by President Obama. Personally, my brain almost went numb as I read through this. I will not overwhelm you with details, but I strongly urge you to read the press release, which needed 13 pages just to summarize all of the new spending.
I would love to read your comments. Are we moving in the right direction? Do we have a choice? Are there better alternatives?