Monday, Nov. 29, 1999
Check It Out!
U.S. government budget deficit and projected surplus
'90 -$221 billion '99 $120 billion '09 $413 billion
Cumulative surplus: $2.9 trillion
Of this $2.9 trillion, $1.9 trillion is set aside for Social Security, leaving $1 trillion
Source: Congressional Budget Office July 1, 1999
For $1 trillion, you can buy any of:
Food for 121,124,031 families of four for a year in the U.S. 588 Space Shuttles 12 Bill Gateses 62.5 billion School Library Books Health Insurance for 44 million Americans for 10 years $3,664.50 for every man, woman and child in the U.S. Texas (gross state product $600 billion) and Illinois (GSP $400 billion)
PROPOSED REPUBLICAN BUDGET
ORIGINAL PLAN Tax cuts: $792 billion Debt reduction: $257 billion Increase in govt. spending: None
ECONOMIC IMPACT OVER 2000-04 Economic growth: 3.23% per year Inflation: 2.6% per year Jobs: 1.525 million per year
PROPOSED DEMOCRATIC BUDGET
ORIGINAL PLAN Tax cuts: $203 billion* Debt reduction: $468 billion Increase in govt. spending: $378 billion
ECONOMIC IMPACT OVER 2000-04 Economic growth: 3.20% per year Inflation: 2.6% per year Jobs: 1.510 million per year
*Net of new proposed taxes
These data are based on the Sinai-Boston Econometric Model of the United States, a 700-equation representation of the U.S. economy