It’s Only $26 Billion a day
I have recently become a fan of the social media application Twitter and lately I have been following Senator Tom Coburn, M.D. from Oklahoma. On March 31st he posted these remarks:
- Congress has spent $136.3 billion each week it has been in session.
- Congress has spent $26.7 billion each day it has been in session this year.
- Little Known Fact: Page 72 of the budget admits it increases the federal debt by $4.9 trillion, rising by “$16,200 on every U.S. citizen”
For three weeks Congress has spent somewhere around $408.9 billion. What does that look like? Let’s look at some of the top ten companies in the Fortune 500 list – looking at annual revenues as a point of reference.
|Rank||Company||Rev ($ millions)|
|9||Bank of America Corp.||119,190|
So in three weeks congress has managed to spend more than Wal-Mart’s global revenues for an entire year. That’s more than all the products sold in all the Wal-Marts and Sam’s Clubs in 14 countries. In three weeks congress would spend more than twice as much as General Motors revenue (there’s a certain amount of irony in that).
The top ten Fortune 500 companies revenues are $2.07 trillion – less than half of the increase in federal debt of $4.9 billion.
No matter how you look at it, that’s a lot of money.
I guess AT&T is just going to have to sell more iPhones.