Glenn Beck: The $53 trillion asteroid
Is it me or did Ron Paul not mention these in the rigged debates..are most americans this out of it?? unlike us here probably..why not heavily tax the top 5%---This guy ever so rarely makes some sense..
NEW YORK (CNN) -- Let's say a giant asteroid was headed toward Earth right now and experts say it has a good chance of ending civilization as we know it. Let's also say that we've known about this asteroid for years but even as it gets closer and closer our leaders do nothing.
"Don't worry," they tell us, "The next administration will figure something out."
With the future of our country at stake, would Americans really sit back and tolerate that kind of inaction? Of course not -- we'd be sharpening our pitchforks and demanding answers.
Well there may not be a space asteroid heading toward us, but there is an economic one -- and the threat to our future is just as severe.
You might think that I'm talking about the recession (sorry: potential recession) or credit crisis, but I'm thinking bigger. Much, much bigger.
Let me give you three numbers that will put this economic asteroid into perspective: $200 billion, $14.1 trillion, and $53 trillion.
- $200 billion is the approximate total amount of write-downs announced so far as a result of the current credit crisis.
- $14.1 trillion is the size of the entire U.S. economy
http://www.cnn.com/2008/US/03/26/beck.deficit/index.html
