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...that need funding, the scale of NASA’s funding pales in comparison to the 150 billion dollars spent bailing out American International Group, the nearly 130 billion dollars spent bailing out the auto industry, the 663.8 billion dollars allotted for the Defense Department budget, or the 1.58 trillion dollars allotted for social programs. The Department of Health and Human Services spends the equivalent of the annual NASA budget every 7.5 days. Support for NASA is a comparatively small investment with big returns...
...begin with, it holds more than $1 trillion in U.S. assets, mainly in U.S. Treasuries. No other country or entity in the world could absorb those assets if China wanted to sell them, and with China's currency value pegged to the dollar, any massive sale would lead to a steep decline in the Chinese currency and economy. China's holding of U.S. debt is leverage only in a theoretical world where it could dump its U.S. assets or stop buying more. What's more, even a hobbled America is the world's largest economy and the most significant market...
...latest dose of reality from Elmendorf's CBO: a forecast that the federal deficit will reach $1.35 trillion this year - $4,400 for every American. All that red ink means the overall debt will rise to $8.8 trillion by the end of 2010, or about 60% of gross domestic product - the highest level of public debt since 1952. "There's a fundamental disconnect between the level of benefits that people want the government to provide, particularly for older Americans, and the amount of resources that people want to send to Washington to pay for those benefits," Elmendorf says. "To make...
...next 10 years. Obama has even set a target - an overall price tag of $900 billion or less - that has put lawmakers in the position of tweaking and twisting every line of the health care bill so that it comes in under that amount. (Read "How to Understand a Trillion-Dollar Deficit...
...Deputy Defense Secretary William Lynn recently warned of its appeal to foes who are unable to match the U.S.'s conventional military might. An enemy country could deploy hackers to take down U.S. financial systems, communications and infrastructure, he suggested, at a cost far below that of building a trillion-dollar fleet of fifth-generation jet fighters. "Knowing this, many militaries are developing offensive cyber capabilities," Lynn said. "Some governments already have the capacity to disrupt elements of the U.S. information infrastructure." (On Tuesday, the nation's top intelligence official warned that cyber-enemies have "severely threatened" U.S. computer systems...