March 11, 2009

Feeling broke?

Senate Minority Leader Mitch McConnell (R-Ky.):

“In just 50 days, Congress has voted to spend about $1.2 trillion between the Stimulus and the Omnibus,” McConnell says. “To put that in perspective, that’s about $24 billion a day, or about $1 billion an hour—most of it borrowed. There’s simply no question: government spending has spun out of control.”
A billion dollars an hour divided among 300 million Americans is about $3.33/hour. Of those 300+ million Americans, only about half of them file income tax returns. So each working American is on the hook for $6.65/hour.

The Fair Labor Standards Act has the federal minimum wage set at $6.55/hour.

The median annual earnings for someone in the labor force age 25 or older were $32,000 (US Census Bureau, 2005), or roughly $15.00 an hour (40 hrs/week, 52 weeks.)

Thus, almost 45% of the an American worker's earnings for the whole year has already been spent.

It's March 11th.

Welcome to a new kind of politics.

1 comment:

Rogue Medic said...

How long will it be before the government decides to default on its loans?