For the past few weeks, I’ve been sharing with you a total of 50 startling facts about the 2011 U.S. economy. We’re up to number 41 on our list and this is our last week. Like me, I’m sure many of you have read a few of these facts and have been blown away.
Even though most American’s have become frustrated with this economy, I know that my students have the ability to not only survive but to thrive in these times. I’m sharing these numbers with you not to scare you, but to prove to you that while things seem bad for you, they could always be worse.
Hopefully many of you will use the list below as a tool to help you share the reality of the U.S. economic crisis with your family and friends. And if any of them need help, send ‘em my way.
41. Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.
42. In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for more than 18 percent of all income.
43. A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.
44. Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.
45. For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.
46. If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.
47. Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.
48. If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
49. The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.
50. During the Obama administration, the U.S. government has accumulated more