A few months ago, Freakonomics readers weighed in on what kind of person is likely to donate to the national debt. Planet Money wondered the same thing and obtained some interesting information through a Freedom of Information Act request: the majority of the gifts were small (under $100), but 17 of the gifts were for more than $100,000, and one donor gave $1.5 million. (It wasn’t us, we promise.) Planet Money has the spreadsheet and invites readers to email them with feedback. [%comments]
The National Debt Gets a Big Donor
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Not hard to figure at all.
In certain circles when one is bothered by guilt and remorse over past bad behavior, the notion of achieving some sort of psychic peace by sending the money back is obvious–and done all the time.
Many times this is done by making donations to worthy causes. Sometimes they send it to the Feds.
I heard about this this morning on Public Radio. Two things struck me:
1) It would be a SHAME if such contributions did not go to PRINCIPAL, but instead went to the breathtaking interest we pay each minute of the day.
2) It occurred to me that the big banks ought to have to “payback” much more than the literal bailout money they received. These guys played a role in millions of job losses and the resultant government programs that were used to help the unemployed make it through these hard times. That is, the big financial players are responsible for a lot more than just the amount the government gave them–they own AMERICA for all the pain we have suffered.
That’s why when I hear of some multi-billion dollar profit, or huge bonuses, everything within me cries out for justice. They go right on working, having left a swath of destruction in their path, caused the national debt to go to the moon, and get to parade on, unconcerned.
There must be a special level of hell for such people….
We have peaks at December/January (holiday/end of year), March/April (Taxes), and September. September appears to be an outlier since the top two single donations in the month exceed March, April, May, June, July, or Augusts totals.
@AaronS:
“they own AMERICA for all the pain we have suffered”
Freudian slip?
“1) It would be a SHAME if such contributions did not go to PRINCIPAL, but instead went to the breathtaking interest we pay each minute of the day. ”
It’s all the same bucket.
Besides, the $11 million in that spreadsheet (I applied the sum function) is a rounding error on a rounding error in terms of the debt plus outstanding liabilities of the federal government.
I doubt the Bushes or Cheneys donated it, but it would be about the right time. Maybe the Obamas? My then-Senator made donations to debt reduction to reimburse the Federal government for the cost of his Senate healthcare benefit.
In response to AaronS, it doesn’t really matter how they apply the payment (principal or interest) as the money is fungible.
@AaronS:
I disagree, those banks that are owned by the public would suffer if they were required to pay more back then they owe. If you are looking to take from those that have much and give to those who have less, then there needs to be a better system. Fix the problem, not the symptoms. Like being able to take risks that don’t affect the decision makers. The problem is that the people who run the banks don’t have any real risks, because the shareholders have taken it on. Why should I as a CEO not go for broke on something, when I can get bailed out by tax payers, and not get rewarded? If I were in charge the only thing stopping me from taking such a huge risk is my conscience that it’s wrong to play such a system. That’s not a big enough “stick” for many people.
Change the system so that banks can’t put their risks onto the shareholders. That’s the real problem.
And while I’m at it, the same can be said for Presidents, they can make terribly wrong decisions and not face any real risks.
“It would be a SHAME if such contributions did not go to PRINCIPAL, but instead went to the breathtaking interest we pay each minute of the day.”
Why are you even reading this blog? Do you understand what you are saying?