Another Fiscal Year Older and $1.65 Trillion Deeper In Debt
The Committee For a Responsible Federal Budget celebrates the end of Fiscal Year 2009 with a breakdown of the year's most appalling financial and budget statistics. Some highlights:
• $1,650,971,205,167 added to the national debt, bringing the total to $7.5 trillion.
• 99 banks taken over by the Federal Deposit Insurance Company.
• 684 banks receiving support from the Troubled Asset Relief Program that doesn't buy troubled assets.
• 11.2 percent: the percentage of the federal deficit to GDP. This is the highest that ratio has been since Japan surrendered in 1945.
• $164 billion spent out of the entire $787 billion in stimulus funding in the American Recovery and Reinvestment Act. Most of this has gone to Medicaid, unemployment and the Making Work Pay Tax Credit.
And a whole lot more. Happy Fiscal 2010.