1% of GDP: $140 bil. / 50-state budget deficit: $180 bil. / 2009 bank bonuses: $150 bil.
The entire U.S. economy produced $14 trillion in goods and services in 2009.
So, the $150 billion banks plan to hand out as bonuses is more than 1% of U.S. GDP! That’s bonuses, not including salaries or benefits! More than a penny of everything you spent last year is being handed out as bonuses for bankers.
Meanwhile, our fifty state governments are facing their greatest financial crisis ever, and some states could declare bankruptcy. The combined 50-state budget deficit for 2010 is estimated at $180 billion.
How can we allow the industry that created the Great Recession to profit so richly while ordinary Americans lose their jobs, small businesses fail because they can’t borrow (and ordinary Americans can’t spend), and states and towns lay off teachers by the tens of thousands?
Posted by James on Tuesday, January 26, 2010