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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: tonto who wrote (48367)9/23/2008 6:46:46 AM
From: Kenneth E. Phillipps  Read Replies (3) of 224728
 
The Treasury's potential use of all $700 billion to purchase impaired assets would raise the country's debt to more than 70 percent of GDP. The last time American taxpayers owed as much was in 1954, when the nation was still paying down costs incurred during World War II.

The government reaching the requested debt limit would entail every man, woman and child in the U.S. owing more than $37,000 each. The median U.S. income last year was $50,233.

bloomberg.com
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