By the Numbers

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This is just some food for thought, numbers that that I find it difficult to get my head around, particularly how they relate to one another. How do you make sense of them?  Especially in light of the debate over current budget priorities?

Value of a Life:

  • The EPA estimates the value of life at $9.1 million.
  • The FDA estimates the value of life at $7.9 million.
  • For the Transportation Department the cost is only $6 million
  • Homeland Security say the cost of preventing death by terrorism may be 100 times higher than death by other means.

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(source: “As U.S. Agencies Put More Value on a Life, Businesses Fret,” by Binyamin Appelbaum. The New York Times, February, 16,2011.)

Profits, Taxes, Bailouts and Layoffs at one company:

  • Last week there were protests over the $885 million tax refund received by a Boston based company, State Street Corp.
  • The company reported $1.56 billion in profits last year.
  • It received a bailout of $2 billion in October 2008, though it repaid in in June 2009.
  • On Nov. 30 State Street announced that it is cutting 1,400 jobs, or 5 percent of its workforce.
  • In 2010 Chief Executive Officer Joseph “Jay” Hooley received compensation valued at $12.9 million.

(source: “State Street’s $885 Million Tax Refund Sparks Boston Protest,” Christopher Condon. Bloomberg, April 15, 2011)

State budget deficits:

  • Claims for state services such as unemployment benefits, have been high since the start of the recession.

(source: briefing.com)

  • On average state revenue is 12 percent below prerecession levels.
  • On average, the total budge for employee compensation for a typical state has not risen during the past 20 years.  In most states it has fallen slightly.

(source: “State Budget Deficits Are Not an Employee Compensation Problem,” by David Madland, Nick Bunker. Center for American Progress Action Fund, March 10, 2011

Foreign aid and the military:

  • The US Military maintains over 1,000 bases, stations and outposts, with soldiers serving in 175 of the 192 UN member states.
  • 44% of global military spending is by the US.  Europe as a whole, including Russia, spends approximately 27%.
  • Military spending in 2009 was 54% of the US budget, $541 billion.  Education was 6.2%, $61.9 billion.  Health was 5.3% or $52.7 billion.
  • 44.4% of our tax dollars are allocated to military spending and financing past wars.

(source: World Military Spending)

  • Congress allocated $30 million in the fiscal 2010 budget for the State Department to fund Internet freedom, $0 has been allocated.

(source: “Not-So-Smart Power,” by Ken Adelman. Foreign Policy, April 18, 2011.

  • In 2009 the foreign aid budget of the United States was $3.52 trillion, meaning that foreign aid spending was 1.28 percent of the total budget.

(source: “Foreign aid makes up about 1 percent of our entire budget,” at Politifact.com)

  • The US spends only .19% of its GDP of foreign aid.  Denmark spends .82%, Finland .42%, Sweden .99%, Norway .88%, the UK .42%.  Of the 22 wealthiest nations, only Italy spends a smaller percentage of its GDP.

Higher Education costs:

  • 1 in 10 undergraduates borrows $44,668 or more to pay for 4 years of college.
  • Between 1993 and 2004, tuition rates rose 53% faster than the rate of inflation.
  • Faculty salaries increased just 1.7 percent beyond inflation between 2007-2008 and 2010-2011.  Salaries have rarely increased significantly above the rate of inflation.

(source: 2010-2011 Report on the Economic Status of the Profession, AAUP)

  • Total student loan debt exceeds total credit card in the US, with $850 billion outstanding. (source: “Student loan debt exceeds credit card debt in USA,”

(source: “Student loan debt exceeds credit card debt in USA,” by Susan Tompor, Detroit Free Press)

Retirement and Savings:

  • 34% percent of Americans have no retirement savings
  • 27% have no personal savings.

(source: “Number Reporting No Personal or Retirement Savings Rises,” Harris Interactive, February, 2, 2011)