A Trillion is a very big number. 2.9 trillion is even bigger.

A trillion is a thousand billions. One thousand billions!

And a billion is a thousand millions.

And a million is a thousand thousands.

So a trillion is also a million millions or a billion thousands!

and 2.9 trillion is even bigger.

I just double checked the figures at the Census Bureau for 2005. The Median Household income for 2005 was $46.2 Thousand, and there are 111 million households. but you can’t just multiply the two to get a total US income. The median just means that there are 55.5 million households below the median income and 55.5 million households above the median income.  I need to find the average or total income for 2005. I figure it won’t be too far off for 2007/2008 estimates.

I found the Mean income for 2005 at the Census Bureau.  $62.6 Thousand per household. With 111 Million households, the total US household income is 6949 thousand million dollars. or 6949 billion dollars or 6.95 trillion dollars. Wow!

And the president is submitting a Federal operating budget for for 41% of that money. And since we can’t expect corporations to contribute any money to the tax base, it all has to come from the households.
Now it isn’t exactly realistic to expect a household to get by on less than the median income. Between Food, shelter, clothing, medical expenses, transportation, and the basic necessities to survive in our society, we really can’t expect people to get by with less than that, so let’s just take $46.2 thousand per household out of the equation. $46.2K x 111M = $5.1 trillion. That will leave 55.5 million householders with $1.85 trillion to cover the $2.9 trillion budget. And I suspect that the individual states are going to need some operating income as well.

Maybe we should consider having the corporations contribute to the bottom line after all. After all, they wouldn’t exist or prosper if it weren’t for the infrastructure support of the government in the first place.

I found some more interesting data at the Bureau of Economic Analysis

It would appear that the numbers derived above from the Census Bureau don’t jive with the BEA numbers in tables 9 and 10 of the linked report. They report a personal income in 2005 of $10.2 trillion vs our calculated $6.95 trillion. Did anyone lose 3 trillion dollars somewhere? That would cover the budget even.

I suppose I should take the time to understand what they are trying to saying in this release. We have a Gross Domestic Product  of $12.4 trillion, national income of $10.8 trillion, personal income of $10.2 trillion, Corporate profits of $1.3 trillion (but only $930 billion after paying taxes of $400 billion) Where will congress find the money to foot the bills?

Inquiring minds want to know.