Economics is far from my specialty, but as a science and mathematics educator, understanding scale and whopping big numbers is essential.
Let me step through a little math with you. $700 billion dollars divided by 300 million Americans is $2300/citizen. That’s over $9000 for my family of four — a very substantial portion of our annual household income. There are only six billion people (only?) on Planet Earth.
The size of this proposed bailout is over $100 for each and every living human.
OVER ONE HUNDRED DOLLARS FOR EVERY LIVING HUMAN.
I can’t help but think that we are so screwed. Please, someone, PLEASE convince me that I’m wrong. Please.
So, that means this bailout will cost more than what the rest of the world spends on the military in a year.
A bailout appears to be necessary, but the rush of government to make its largest financial decision of my life in the course of a few days is truly terrifying.
And who’s running the show? The people who led us into this mess. Paulson and Bush have said repeatedly and recently that the economy is fundamentally sound. And McCain said that this week.
I have to wonder if history will see the month of September 2008 as the beginning of the end of America’s dominance on the world financial stage.
