Few people are publicly considering what the COVID-19 pandemic is doing to the American economy. Paul Krugman is not optimistic. I agree with him. The country will, arguably, have less money to spend in the future, although there are many caveats to that.
The right, in the past, has used crises to justify radical social changes. It’s time for progressives to do that. A Democratic sweep in November makes many things possible. Let’s assume that can happen.
To start, we need to know some numbers, to get a handle on the scale of things.
National Debt $24.95 trillion
Deficit in 2019 $984 billion
Wealth of top one percent (Exceeds wealth of bottom 80 percent) $25 trillion
Department of Defense 2019 budget $686.1 billion
Department of State 2018 budget $52.4 billion
Community colleges $126 billion*
Student debt $1.5 trillion
Healthcare $3.5 trillion
* Calculated from the report as 9 million students x $14,000 per student per year
Cross-posted to Balloon Juice