Just incase you’ve been too busy getting ready for that four-year holiday pleasure cruise aboard the S.S. Obama, let me fill you in on the latest. The November unemployment rate was 6.7%, up from 6.5% in October. Trends indicate an unemployment rate of 7.2% by March 2009. As of December 25th, 2008 the national debt stood at 10.6 trillion dollars and some odd cents. The Congressional Budget Office estimates that 750 billion dollars will be added to the national debt in 2009. Private economists peg that figure at well over one trillion dollars. Interest on the national debt for fiscal 2008 was 451.1 billion dollars. Interest on the national debt for fiscal 2009 is estimated to be close to 500 billion dollars, or 10% of GDP.
With these trends and forecasts as a back-drop, President-Elect Obama plans to reform our capitalist system by using government works projects to invigorate our economy instead of tax incentives and spending cuts. Projects like the Big Dig in Boston, MA and the Capitol Visitor Center in Washington D.C. will undoubtedly increase a hundred-fold after Obama takes office. Future projects will most likely be concentrated in Democrat held congressional districts.
How have these earlier projects fared? The original cost estimate for the Big Dig was 2.6 billion dollars. The actual cost stands at 14.6 billion dollars and counting. The scheduled completion date was 2003; the actual completion date has yet to be determined. The Capitol Visitor Center was originally a four year project with an estimated cost of 100 million dollars. One billion dollars and six years later, it is 85% complete.
As of Christmas Day, 2008 each U.S. citizen’s share of the national debt was 34,593 dollars and 63 cents. It’ll be interesting to see what this figure will be on Christmas Day, 2012. I doubt there will be much improvement.
But enough with the reality check. I’m looking forward to our four-year holiday pleasure cruise across uncharted waters aboard the S.S. Obama. And after I get back, I plan on boarding the O-train for the brand spanking new bridges-to-nowhere cross-country holiday tour. It should be a lot of fun. Happy New Year everyone!