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Writer's pictureSerious Money Ohio

What's another trillion dollars anyway?

The loss of life and the suffering from Covid-19 has been devastating. Hopefully a vaccine will be effective in quickly reducing future loss of life.

An all out effort was also needed to limit the economic risk to the economy.

Our federal government has already spent $4 trillion on pandemic relief: including the $1,200 checks we received, additional unemployment benefits to those who lost work, and payments to businesses large and small to keep them afloat.

Of course, the government did not have a spare $4 trillion sitting around for a rainy day.

So, they borrowed the money.

I wanted to know what that borrowing meant in dollar amounts I could more easily comprehend. The government has borrowed, for each and every one of us, (approximately 360 million Americans) around $11,200.

That's $44,000 of additional government debt for a family of four.

We will be paying for this terrible pandemic for generations to come.


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