The US House passed an $800 billion stimulus bill yesterday. What is $800 billion?
With large numbers flying around recently, it is useful to frame the $800B within references of the day or those that might be on your mind.
- President Obama wants to create 4 million jobs. $800B is $200,000 per job (where do I apply?}.
- Illinois Governor Blagojevich has allegedly tried to sell Barrack Obama's senator seat. If you could buy a seat for $10 million, $800B could buy 80,000 US Senators. Of course, there are only 100 US Senators and they get elected every six years. So you could own all 100 Senators for 4,800 years.
- The population of the United States is 306 million. $800B is $2,614 per person. (I have a family of four, that's nearly $10,500.)
- Bernie Madoff's Ponzi's scheme is estimated to be $50 billion. With $800B, we could fund 16 such schemes.
- From the IRS, there were about 97 million people with 2006 income tax liability. So $800B is $8,247 for every person who actually pays income taxes.
- President Obama's inauguration was magical and watched around the world. At a cost of $170 million, we could do it 4,705 more times.
- About 6.5 million people are receiving unemployment benefits. $800B is $123,000 each.
- California's budget gap appears to be around $30 billion. $800B can fill that gap for over 25 years.
- There were 850,000 home foreclosures in 2008. At the current median home sale price of $175,000, $800B could buy everyone of them more than five times over.
- John Thain, the former CEO of Merrill Lynch, paid $1.2 million to remodel his office/bathroom/conference rooms. With $800B, he could remodel it 666,666 more times.
- If the entire $800B were applied to the US consumber credit card debt, it would completely pay...er...well, it would pay down 85% of it. (suggestion by Bob N.)
Conclusion: $800B is a lot of money!























