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In Reply to: RE: Ummmm..... posted by Chris Garrett on August 30, 2009 at 23:28:25
My error, the debt during WWII was 125% (roughly) of GDP. I managed to quote both numbers incorrectly when I fact checked it.
So, okay, we're 25-50% under that WWII level. I stand corrected on the numbers, but the concept is still 100% valid.
Look at the the simple outlays vs. receipts data - in WWI and WWII the % of expenditures vs income was 350% and 325% respectively. Projections are that 2009 and beyond will be in the 175% range.
Check the link below for more info. While it is a private party's site, the data is from Whitehouse.gov and other official sites. I highly recommend it. BTW, it also shows that compared to most major industrialized nations the US debt is a fraction of theirs. The United States comes in at #26 in a list of roughly 200 countries for which there is data, and is just slightly above the world average. The US debt is only about 25% of Switzerland's for instance.
How much went to small business? Quite a bit - anecdotally, there are a number of six and seven-figure projects in my area that are being done by small businesses - small paving and bridge repair contractors mostly at this point. And how many small businesses are benefitting from being suppliers, etc., to larger businesses? Using the example from above, Amtrak has to buy the material to rebuild those railcars from small businesses - metals, paint, fasteners, upholstery material, cleaning products, abrasives, etc... Other than GE (supplying locomotive parts for the P40 and P42 diesels) there are essentially no large corporations engaged in making/supplying passenger train parts in the USA.
A number of my automotive clients benefitted greatly from "cash for clunkers". These small businesses added staff and also purchased more from their small business suppliers as a result of the uptick in activity. Essentially, $3 Billion dollars is going to or has already gone to 1000s of small businesses as a result of this one program.
You can research the numbers at www.recovery.gov if you like to get a larger picture. Here's just one example of what is being done:
"WASHINGTON - With the American Recovery and Reinvestment Act funding an additional $50 million for loans and $24 million for technical assistance, the U.S. Small Business Administration is expanding its Microloan program and increasing access to capital for small businesses across the country."
There is a large link right on the home page for small businesses to get information on how to access funds.
There is a LOT of help for small businesses.
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