Think last year produced a tsunami of red ink for the federal government? Well, a $1.3 trillion deficit is nothing to sneeze at. But the Congressional Budget Office has just come up with an estimate of how much we’ll add to the national debt in Fiscal 2011: $1.5 trillion. That means an extra $1.5 trillion will be piled atop a mountain of national debt that already exceeds $14 trillion.
It’s tough for most of us to get our heads around such a colossal number, so we did a little mental shopping.
See what you can get for a trillion these days.
The slideshow begins by clicking the navigation bar to your right:
By Kevin McCormally
January 2011
$1 Trillion Would Buy... 41,999,160 NEW CARS
Kiplinger’s Best in Class honors
$1 trillion would let you buy a Prius for about 40% of all American families
Next: Median-priced American homes
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$1 Trillion Would Buy...5.6 MILLION HOMES
According to the latest figures from the National Association of Realtors, the national median price for existing single-family homes in the third quarter of 2010 was $177,900. There are about 80 million detached, single-family homes in the U.S., according to the NAR and the Census Bureau.
Next: Hours of minimum-wage labor
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$1 Trillion Would Buy...140 BILLION HOURS OF WORK
That’s calculated at the federal minimum wage of $7.25 an hour. Still hard to get your mind around? How about this: One trillion dollars is enough to hire all 2.8 million residents of the state of Kansas -- men, women and children -- in full-time, minimum-wage jobs for the next 23 years.
Next: Teachers
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$1 Trillion Would Pay...18 MILLIONTEACHERS' SALARIES
According to the National Education Association, the average elementary school teacher salary in the U.S. is about $55,300. NEA estimates that there are about 2 million elementary school teachers, so $1 trillion would cover their salaries for about 9 years.
Next: Members of Congress
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$1 Trillion Would Pay...CONGRESS FORTHE NEXT 10,742 YEARS
The current salary for rank-and-file members of the House of Representatives and the U.S. Senate is $174,000. That's 535 lawmakers --not counting their staffs or the extras paid to congressional leaders.
Next: NBA superstars
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$1 Trillion Would Buy...LEBRON JAMESFOR THE NEXT 50,000 YEARS
A lot of numbers are being thrown around about just how much the basketball superstar will be paid for playing for the Miami Heat. But let’s say it’s just $20 million a year. At that rate, $1 trillion would cover the tab for King James for the next 50 millennia. Heck, King Tut was born less than four millennia ago.
Next: Chocolate
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$1 Trillion Would Buy...1.33 TRILLION CHOCOLATE BARS
Got a hankering for something sweet? A sweet $1 trillion will buy you that many 1.55-ounce Hershey’s Milk Chocolate bars at 75 cents apiece. That’s 64 million tons of chocolate, equivalent to the weight of more than 150,000 Boeing 747-400s.
Next: Celebrity divorce settlements
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$1 Trillion Would Buy...4,000 CELEBRITY BREAKUPS
It’s been widely reported that Tiger Woods paid anywhere from $100 million to $750 million to settle the divorce from his wife, Elin Nordegren. Let’s assume it cost Tiger $250 million. At that rate, a trillion dollars would cover plenty more tabloid breakups.
Next: Lifetime income
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$1 Trillion Would Generate...$6.2 BILLION A MONTHGUARANTEED FOR LIFE
With the demise of the company pension plan -- and its wonderful promise of regular checks in retirement -- immediate-payout annuities are garnering more attention. These investments let you trade a lump sum for a guaranteed stream of income for the rest of your life. For example, a 65-year-old man with a sweet quarter of a million nest egg to invest could buy an annuity that will pay him $1,549 a month.
Even at today’s record-low interest rates (the lower the interest rate, the more expensive it is to buy future income), $1 trillion earns its way -- and then some. The $6.2 billion monthly income figure is for men; because women live longer, on average, $1 trillion would buy a 65-year-old woman a little less. But having $5.8 billion a month to fall back on would still cover some bills.
Next: Interest on a one-year certificate of deposit
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$1 Trillion Would Earn...$12.9 BILLION INTERESTON A ONE-YEAR CD
Everyone knows that interest rates on bank accounts, money-market funds and certificates of deposit are ludicrously low. But even at just 1.29% -- the best rate we could find recently -- $1 trillion socked away in a one-year CD would still yield a handsome return.
Next: U.S. Army privates
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$1 Trillion Would Pay...56.8 MILLIONARMY PRIVATES
Annual basic pay for an active-duty U.S. Army private with less than two years of experience is $17,611 a year. So $1 trillion goes a mighty long way, even by military spending standards. To put that in perspective, 56.8 million is more than 100 times the total number of active-duty soldiers in the Army today.
Next: Family incomes
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$1 Trillion Would Cover...19.2 MILLION FAMILY INCOMES
Next: Estate taxes
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$1 Trillion Would Pay... ESTATE TAXES FOR 2,222 BILLIONAIRES
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$1 Trillion Would Buy$1 MILLION A DAYFOR NEARLY 3000 YEARS
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