The volcano in Iceland ain’t got nothing on us

April 22, 2010

The recent volcanic eruption in Iceland has wreaked havoc on travelers and made a significant impact on economies around the world.

In the U.S., the economic damage caused by the Icelandic volcano equals approximately 130 million dollars per day. People have been stunned to learn of such a large impact.

Yet people might find it more staggering that we self-inflict more economic damage on ourselves every day.

Two examples:

[1]  The difference between what the FY2011 budget will actually cost and what lawmakers said it would cost as of last year is a difference of 263 million more dollars per day.  That’s more than twice the per day impact of the volcanic eruption.

[2]   We pay 515 million dollars per day, every day, to pay the interest on our national debt.  That’s more than three times the per day impact of the volcanic eruption and an expenditure for which we get nothing in return.  It’s our penalty for past spending.

The volcano was certainly tragic, but transatlantic flights will soon resume their normal schedules and the economic damage will disappear.  Government overspending, however, will continue to occur every day.

Why this is allowed at such levels is nearly as difficult to understand as the volcano’s name (Eyjafjallajökull) is to pronounce.

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