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Government Spending: Is It Worth $62,000 to You?.....sm

Posted By: ms on 2009-02-16
In Reply to:



Government Spending: Is It Worth $62,000 to You?

By John R. Lott, Jr.
Author, “Freedomnomics”/Senior Research Scientist, University of Maryland

The stimulus bill had to be passed quickly. President Obama warned that not passing it would result in disaster. He warned that any delay was “inexcusable.” The 1,071 page stimulus bill had to be voted on quickly — so quickly this last week that the House and the Senate couldn’t even provide politicians the 48 hours they were supposed to have to read it.

The legislation was not put up on the Web until 11 PM on February 12 and the House passed it just 12 hours later. The Senate started voting on it only hours after that. Politician after politician admitted or complained that it was physically impossible to read the bill. As it was, the copies available on the Web for voters had all sorts of hand markings on it that sometimes made it difficult to figure out exactly what the bill proposed.

Just to let this sink in — the amount of money that the government is committing to spend this year is equivalent to the average taxpayer just writing the government a check today for $62,200.

Despite all this pressure, Obama seems rather laid back after the bill was passed — he doesn’t plan the signing ceremony until Tuesday. As the New York Post noted, after passage, Obama “promptly took off for a three-day holiday getaway.” Possibly, Obama’s vacation was well deserved, but why couldn’t Congress have held debate and voted over the weekend or on Monday to allow extra time to read the bill?

It was not just the House and Senate rules that were set aside to get this vote through quickly. Promises were broken also. During the presidential campaign, Obama promised voters at least 5 days to study legislation. Obama’s presidential campaign Web site claimed that any earmark should have a written justification as well as “72 hours before they can be approved by the full Senate.” Of course, the whole spending bill is at odds with Obama’s promise to cut “net” government spending.

But the Democrats had help ramming this through. Three Republican Senators — Arlen Specter, Olympia Snow, and Susan Collins — could have voted for more time for debate. It was only with all three of their votes that the Democrats were able to reach the exact 60 votes they needed Friday to pass the bill. If any one of these three senators had asked for more time to read the bill and allow others to analyze it, they would have gotten it.

Not only did the final “stimulus” bill have major changes from what had been voted on previously by the House and Senate, but the amount of money involved is staggering. With 90 million tax filers who actually pay taxes, the $787 billion means the average taxpayer will pay over $8,700.

By itself, adding $8,700 to the average tax bill should get everyone’s attention. But that is on top of everything else that we are spending this year. With the stimulus bill, the $700 billion financial bailout (half spent by Bush and half by Obama), and the bailout for the auto companies, this year’s deficit is already at about$1.7 trillion — almost $19,000 per taxpayer. With more possible bailouts for the auto industry and others, that total might rise further.

But the stimulus won’t just raise government expenditures for the next two years. The Congressional Budget Office estimates that from 2010 to 2019 government expenditures for just 20 provisions will increase by almost $2.4 trillion. Assuming a 4.5 percent interest rate, that is the equivalent of about $1.9 trillion today. Adding that to the previous total brings the total to about $40,000 owed per taxpayer.

But that is not all the money that taxpayers are going to be on the hook for. Last week, the Obama administration promised another $2 trillion for the financial bailout. The decisions that we are making just this year are adding up to $5.6 trillion — $62,200 per taxpayer. Just to let this sink in — the amount of money that the government is committing to spend this year is equivalent to the average taxpayer just writing the government a check today for $62,200.

Each one of these expenditures are getting pushed through quickly, but it is all adding up. People have to weigh this against benefits such as the $400 per person tax credit that those who make less than $75,000 per year are going to get under the stimulus.

And that is not the end of the costs that we will face this year. From even more health care reforms to environmental regulation and global warming to even more money for autos and other companies, the bills are going to get bigger. Some costs will temporarily be hidden through borrowing, but others will mean higher immediate taxes and higher product prices.

But the average taxpayer faces a simple question: are they getting $62,200 worth of benefits from all these government expenditures this year? If so, they are going to be poorer. My guess is that most of us are going to be a lot poorer.


John R. Lott, Jr. is the author of “Freedomnomics” and a senior research scientist at the University of Maryland.



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TARP has been followed by Obama's massive spending and expansion of government.
I have been very critical of both parties and of the previous administration for the bailouts.

However, I am also growing very tired of the current administration's childish efforts to lay off anything bad that happens (in any area) now or going forward on the previous administration, while happily taking credit for anything that might be positive.

We hear the current administration crow whenever there's even a SLIGHT improvement in the economic indicators (ignoring the fact that the numbers are still very bad) and saying that "Obama's plan" is working. However, if one of those same numbers goes down, they continue to blame the past administration.

Now, you can believe that they themselves don't believe what they're saying. They know, for instance, that Obama's plan hasn't even had time to make any impact on the economy. And, they know that a whole heck of a lot of them had as big a hand in the economic problems and in the bailouts as the previous administration had. So, they're basically counting on their ability to put a fast one over on the American public.

Surely, they can't believe that we're ALL stupid enough that we can't see through this. Nope. What they're counting on is that ENOUGH of us will swallow this transparent pack of lies - and I wouldn't bet the farm that they're wrong, either. A lot of Americans do not pay attention to government the way we on this forum obviously do.
Charging is not spending money...it is spending someone elses money!
When you are debt free (as we are) THEN you spend money...anything else is just going into debt. I highly doubt he pays cash for anything.
Dem vs. GOP spending
You can look this all up, but thought this might help. We'll see if it works. This doesn't even include the last 2 years. Note the very first column - 37 presidents over 198 years.
If they don't like spending.......
Where did over $10 trillion go over the last 8 years?
I'm sorry but spending more and more

money is the path to destruction.  The reason Bush's tax cuts didn't work was because we were still spending WAY too much money in government.  More government programs will only cost us more money, raise our taxes, and the American people will be hurting more.  Businesses that employ people will cut back knowing taxes are going up and more people will lose jobs.  Some businesses will go under and more people will lose jobs.  I just do not see this spending spree and government programs helping us at all.  I do not want a bigger government.  I do not want government to have more control because God knows they can't even do their part without screwing something up.  We have too many corrupt people in Washington who are trying to pay off the special interest groups that got them elected in the first place.  If Obama signs this omnibus bill, that will be the final nail in his coffin for me.  I gave him a chance and all I've seen is lie after lie.  I truly feel that he is running this country even more into the ground. 


If I am wrong, I will gladly admit that, but I will have to see a major turn around in order for me to admit that.  Right now....all I can see more government control and future bankruptcy for our country and it scares the dickens out of me.


Cut military spending!
How about we spend less on war and more on the citizens of the United States? Those who have family members in the military whose livelihood depends on war may call this socialism, but I call it common sense!
How about spending all that energy doing
Sorry if you call what you have been doing work, but it shouldn't surprise me. Most O lovers aren't worried about hard work, just free money.
Spending under control...huh?

Yeah.....an 825 billion dollar stimulus package that won't really work....sounds like spending is under control to me.  Holy crow people!  Nothing like adding that to our huge deficit now and how many days as he been in office?  Is that like a new record of making the deficit shoot up so fast within the first month of a presidency.  Impressive....NOT. 


This spending is just a drop

in the pocket at what they will actually have to spend to buy us out of this mess.  We can't afford to spend our way out of this.  They are going to have a spend a lot more money realistically do create the jobs they are talking about.  Plus, all this money won't be going into the system right away.  To me this package is crap.


At least with major tax cuts businesses could work their way out without government controlling them.  I do not like the idea of our government controlling so much. 


With all the spending he is proposing
to make government bigger.......he will bankrupt this country. 
And spending money

we don't have is going to save the country?  What I want to know is this.....we are all about finding alternative fuel sources and we want to end our dependency on foreign oil right?  So if we are going to spend and invest money, why not spent it on drilling for oil now as well as starting alternative fuel sources.  Think about how many jobs that would create and they would be longterm jobs because we will constantly need energy.  To me that would seem like a smart thing to spend money on instead of the pet projects and crap that congress just voted for...jerks. 


People would get jobs and could then afford healthcare.  That would mean less people needing government assistance....but wait......Obama and the democrats want the American people dependent on government....my bad.....so that wouldn't work for their personal agenda of having more control and power over us little people. 


Runaway Spending

Meet the Press: GOP Whip Cantor Hides Behind Troops to Explain Runaway Spending


by:  Scott Isaacs


GOP House Whip Eric Cantor (R - Virginia) gave a gem of a performance today on NBC's Meet The Press, this site's parent company which is ultimately owned by General Electric. Cantor's job was to criticize the administration while trying to convince David Gregory, and by extension the American people, that his own personal behavior in Congress as well as the collective behavior of the GOP in Congress prior to the Obama administration was immaterial to the current situation.

First up on Cantor's checklist was to attack the administration on not having a concrete plan yet to remove troubled assets from the balance books of American banks. When confronted with the fact that the Republicans had no current plan and that the previous Republican administration was completely befuddled by the whole issue of the troubled assets and how to value & remove them Cantor insisted that it was important that America look forward, not backward.

Second was to go on the offensive against the administration in the name of wasteful spending. Whilst criticizing the Obama administration's stimulus plan, Cantor loudly lamented (while holding up a sheaf of papers) that the poor Republicans had a plan of their own but it was totally ignored by the press and, thus, ignored by the public. Cantor then went to bat on the 2009 budget bill that Obama signed into law criticizing the earmarks and the dreadful deficit spending. David Gregory then asked Cantor "People are wondering where these fiscal conservative convictions were when Republicans in Congress were complicit in President Bush's spending." Cantor's reply was quick and predictable: Of course they did! But it was for a good cause: the troops! How dare anyone question a massive budget bill in which a fraction of the massive spending goes towards outfitting our troops? Cantor slyly avoided the point that the regular Pentagon money was in the runaway budgets that the Republican Congresses approved but the specific money to operate the wars in Iraq and Afghanistan were specifically appropriated as emergency measures so that they would not have to be tabulated all together and give the public a sticker shock and awe campaign over how much our Arabian adventure was actually costing. Nor did he give the Democrats that voted for this last budget the same out that he himself took: they were just doing it for the troops because we should all take care of our troops and that is what a patriotic American would do: okay anything with even a fraction of military spending in it even if the rest is massive and unneeded pork barrel spending. Despite the fact that we are still very much at war in Afghanistan, which apparently slipped Cantor's mind, he left the blame to lay squarely on Congressional Democrats. It got more entertaining when Gregory asked Cantor if it was true, as the Democrats had presented data to show, that Cantor had supported 46,000 earmarks in his time in Congress. It was at this point that Cantor said with heartfelt sincerity that there was more than enough blame to go around but that now was the time to be forward-looking and heed his and Minority Leader John Boehner's call for a moratorium on earmarks. Cantor also generously offered the Republicans in Congress' help in supporting any veto that President Obama wanted to use on a Democratic-written bill and, if need be, the Republicans would even move on Obama's behalf to repeal any legislation that Obama feels was a bad idea. It was a very touching moment of bipartisanship... a member of the other party selflessly offering to help the President undo everything he has done over the past 50 days.

Gregory then brought up the specter of government stabilization of the financial system through buying up the troubled assets. Cantor specifically said that this was priority #1. Gregory asked Cantor if he would be willing to deviate from the current Republican stance of rigid fiscal conservatism to spend the money needed to gather up these troubled assets and remove them from the game board until they had recovered to the point that they were not toxic on the banks' balance sheets anymore. Cantor hemmed and hawed saying it would depend how much it would cost and so on. Gregory then hit him with the Big "T": $2 trillion. Cantor demurred as best he could, avoiding an answer from then until the end of the interview.

Pundits and Republicans both label Cantor as one of the up-and-coming rising stars in the Republican Party. He seems to need more experience on Meet The Press before he takes a serious spokesman role. If David Gregory can roll you, Tim Russert (bless his soul, I miss him) would have eaten you with some fava beans and a nice Chianti.



but it's not his money he's spending...
it is taxpayer money. that's they problem. I don't care if he spends a hundred grand on his date - if he's money. But when it's taxpayer money and he's spending it for fun, I see a problem.
Spending..AND not even reading what they are
nm
take it for what it's worth.....
What exactly do you think the ACLU is going to do?
For what its worth....
Ann Coulter is an entertainer. The left has them too...Michael Moore...Al Franken...and every time she says something outrageous the left runs backwards, gives her a lot of press, and she rakes in the dough. So she keeps saying things, the left keeps running backwards, and she makes more money. Just like Michael Moore, just like AL Franken. I used to hear things on Air America that make Ann Coulter look like little Orphan Annie. But I never heard the left condemn them either. Probably because I have seen some of the left post here things like *a waste of air* talking about another human being, and then in the same breath have another liberal post all the wonderful things liberals are supposed to be like *live and let live.* In other words...some snipes at Republicans who dare to post here near about as hateful as Ann Coulter.

All that being said...she is an entertainer. If the left would stop reacting like she was the devil incarnate every time she opened her mouth, she would go away, just Air America did. If conservatives had run screaming in the streets every time Air America said something controversial, they never would have folded. It is consumer driven, DW...and frankly, right now, the left is driving Ann Coulter more than the right is.
so how much am I worth?
s
Something worth
The "waterboarding" methods used by the Japanese differed significantly from those used by our intelligence operatives. The Japanese often pushed a tube into the prisoner's mouth so that the water would distend the stomach, causing real pain (which our version does not) and ultimately rupturing the stomach. They also had no physicians in attendance to see to the prisoner's safety, as we always did.

So, the fact that the two techniques happen to go by the same name does not make them moral equivalents either in their methods or the way they were conducted.

To paraphrase the dairy industry: Got facts?
Hopefully we will no longer be spending billions on the
.
The only attorneys spending money here are
the ones preying on the witch hunt delegation and receiving funds via internet extortion schemes. Obama does not have to lift a finger, just sit on the sidelines and watch the SC strike them down, one after another.
So agree with you. It is a spending stimulus.
No social security, nothing for the future but debt. I bet a country will be ready to buy us soon. Probably China, Iran, and Russia just waiting to buy us and take over. Shoot, probably it is in the stimulus bill because NOT ONE PERSON HAS HAD TIME TO READ IT AND GOVERNMENT PASSED IT. HOW STUPID!!!!!!!!
The poor are spending money, sure

but they didn't earn that money.  That money could be used for education or healthcare instead of making sure poor people circulated it.  I'm middle class.  I have been a single mom since my son was born, no Welfare, he is 19 now.  I have NEVER asked for a handout.  Are you telling me that I don't spend money?  I have paid for everything I have.  I own a house and I haven't even received 1 dime in child support.  I barely make it, but I do make it and I work my butt off to do it.  It isn't fun, but who are you to tell me that I would spend more money and boost the economy more if I was on Welfare instead.  My son didn't grow up with a Welfare mom and I'm sure he won't get mad at me for not helping the ecomony because of it.  He doesn't even know I'm broke.  For him, there is a sense of pride in earning.  He is in college now and excited to be among the working class because he was never taught there was any other way, you WORK.  He will get a student loan, which he will have to pay back someday.  This isn't free money.  He did get a Pell grant, so I guess he got a little bit of a handout, but to qualify for that, you still have to do something, go to school.  The Pell grant is less than what most people get for Welfare and they don't have to do anything at all.  Seriously?  Poor people make this country work, who knew?  And here I thought this country was built on the sweat and tears of the middle class and the hard working folks who believed in capitalism and not socialism. 


So if my neighbor gives me a $1000 bucks and I go spend it, does that mean I helped my neighbor?  Do I have to pay him back?  Just curious. 


Yep, just keep spending money we dont have, O
nm
WELFARE SPENDING MADNESS!!

And for those that say you HAVE to work to get welfare,...... NO YOU DON'T!  I see that waaaay too much where I live...... mostly just generation after generation living off ME!!!!  So, MORE government is just FINE with them!!


http://www.onenewsnow.com/Politics/Default.aspx?id=578936


 


I do not think that was the Obama's personal spending there -
why should they reimburse that? Obama did not even know anything in advance about it.
What isn't worth fighting for...
Probably a lot of things are worth fighting for...like liberty, to protect our country, to protect our values and ideals.

Unfortunately though it's been a long time since any wars were really fought for those things. They tell us that's what it's all about and we try to buy it, but if we happen to look at the facts closely, we just find out a lot of wealthy people get richer and they use the blood of other people's children to do it. They make up enemies and pour on the propaganda to rile us up so we'll think it's noble to go and die, and make them rich. That's how it seems to me anyway, and history certainly tends to back up that conclusion.

I think the last time we were fighting for worthwhile things was when we wore animal skins and carried wooden spears.
Not even worth a reply -

Truly, someone like this is not worth the energy.
There is no logical thought behind their posts.  Calling me a racist is a silly immature infantile leftist ploy.  We know that.  I learned a long time ago to ignore posters such as this. 
hmmmmmmm - not worth it
xx
Maybe you are not worth the time
nm
So maybe your net worth went up cuz you're
It's also not a viable option for most people.
Worth a Looksie

 


http://news.newsmax.com/?ZKI6Y1SaRsveVj2cAdYJtBQ1z3rkxJU1Z


Like my teacher used to say, if you have nothing worth
xx
Ya think they'll let her keep the $150,000 worth of
and accessories if the numbers don't take 'em over the top on Nov 4th?
and why was that worth reading?
I got nothing from that except that it is one more person who does not like Obama.

There was nothing in there that was not just one person's personal viewpoint - an obvious McCain supporter.
say something worth reading

You are BORING with your same rants day after day.  Especially when they were already discussed on last nights news.  I'm not wasting my time.  Have fun, I guess? 


It took spending 1-1/2 BILLION dollars a month...sm
over years on the war in Iraq to get us to this point, borrowing from other countries, the highest deficit ever, printing money by the government with no gold behind it to drive the value of our dollar down around the world. Nothing to do with the democrats. When Bush became president we had a huge surplus. Did you forget that?
Stop the spending on stupid earmarks,
give the middle class some real tax cuts, and have some patience. Things aren't going to change overnight and they're not going to change by continuing to throw money at it every day.
PA liquor control board spending $173,000
to teach their state liquor store employees how to be more courteous and knowledgeable of the booze they sell and make sure they're really up to snuff on info ABOUT the booze they sell......  How in the heck does this CREATE MORE JOBS?  WHAT A JOKE AND A STINKING WASTE OF TAXPAYER MONEY!!! 
and start spending them taking care of those...
who no longer function because they don't need to hide it at all anymore and taking care of the emphysema and other problems it causes. Just my opinion. Like I said, I am clearly in the minority here, but I think it is a stupid idea to legalize pot.
He was NOT "one of the good ones". Voted for the spending.
I was glad to see the people of both parties come together to repudiate this Congressman. Now, let's carry this kind of common sense on into the next elections!
Top bailout recipients spending money

on federal lobbying.  This makes me furious at both the companies and the government.  ARGH!


http://www.foxnews.com/politics/2009/04/22/bailed-firms-money-lobbying/


ANOTHER Big-Spending Bill Going to be Rammed Down Our Throats

House committee okays massive climate spending bill.


It's pretty obvious.  The Democrats plan to get all of their spending bills in while they have the chance.  What isn't apparently so obvious to them is that the public is growing more and more fed up with all of this at a time when WE CANNOT AFFORD IT, even if we did want the intrusion into our lives.


Bailouts.  Stimulus.  Auto takeovers.  New emission standards.  Universal healthcare.  Mandated paid vacation.  Afghanistan.  Climate.  All of these things will raise prices and the increase is the same thing as an increase in taxes.  Meanwhile, taxes themselves are being raised at all levels of government.


Meanwhile, the offshore drilling passed by law last year has yet to be implemented, so oil companies are still having to drill miles out in deep ocean at a cost that is many times higher.  Can anyone say sky-rocketing gas prices? 


Looks like we'll have to teach them another lesson in 2010 like we did in 1992 and 1994 - and the Democrats vastly misunderstand what just happened in the California vote, obviously.  That's okay.  They'll finally get it about the time that they find themselves looking for work starting in January, 2011. 


 


 


Old news but worth remembering
Lets Not Forget: Bush Planned Iraq 'Regime Change' Before Becoming President




15 September 2002: A SECRET blueprint for US global domination reveals that President Bush and his cabinet were planning a premeditated attack on Iraq to secure 'regime change' even before he took power in January 2001.

The blueprint, uncovered by the Sunday Herald, for the creation of a 'global Pax Americana' was drawn up for Dick Cheney (now vice- president), Donald Rumsfeld (defence secretary), Paul Wolfowitz (Rumsfeld's deputy), George W Bush's younger brother Jeb and Lewis Libby (Cheney's chief of staff). The document, entitled Rebuilding America's Defences: Strategies, Forces And Resources For A New Century, was written in September 2000 by the neo-conservative think-tank Project for the New American Century (PNAC).

The plan shows Bush's cabinet intended to take military control of the Gulf region whether or not Saddam Hussein was in power. It says: 'The United States has for decades sought to play a more permanent role in Gulf regional security. While the unresolved conflict with Iraq provides the immediate justification, the need for a substantial American force presence in the Gulf transcends the issue of the regime of Saddam Hussein.'

The PNAC document supports a 'blueprint for maintaining global US pre-eminence, precluding the rise of a great power rival, and shaping the international security order in line with American principles and interests'.

This 'American grand strategy' must be advanced for 'as far into the future as possible', the report says. It also calls for the US to 'fight and decisively win multiple, simultaneous major theatre wars' as a 'core mission'.

The report describes American armed forces abroad as 'the cavalry on the new American frontier'. The PNAC blueprint supports an earlier document written by Wolfowitz and Libby that said the US must 'discourage advanced industrial nations from challenging our leadership or even aspiring to a larger regional or global role'.

The PNAC report also:

l refers to key allies such as the UK as 'the most effective and efficient means of exercising American global leadership';

l describes peace-keeping missions as 'demanding American political leadership rather than that of the United Nations';

l reveals worries in the administration that Europe could rival the USA;

l says 'even should Saddam pass from the scene' bases in Saudi Arabia and Kuwait will remain permanently -- despite domestic opposition in the Gulf regimes to the stationing of US troops -- as 'Iran may well prove as large a threat to US interests as Iraq has';

l spotlights China for 'regime change' saying 'it is time to increase the presence of American forces in southeast Asia'. This, it says, may lead to 'American and allied power providing the spur to the process of democratisation in China';

l calls for the creation of 'US Space Forces', to dominate space, and the total control of cyberspace to prevent 'enemies' using the internet against the US;

l hints that, despite threatening war against Iraq for developing weapons of mass destruction, the US may consider developing biological weapons -- which the nation has banned -- in decades to come. It says: 'New methods of attack -- electronic, 'non-lethal', biological -- will be more widely available ... combat likely will take place in new dimensions, in space, cyberspace, and perhaps the world of microbes ... advanced forms of biological warfare that can 'target' specific genotypes may transform biological warfare from the realm of terror to a politically useful tool';

l and pinpoints North Korea, Libya, Syria and Iran as dangerous regimes and says their existence justifies the creation of a 'world-wide command-and-control system'.

Tam Dalyell, the Labour MP, father of the House of Commons and one of the leading rebel voices against war with Iraq, said: 'This is garbage from right-wing think-tanks stuffed with chicken-hawks -- men who have never seen the horror of war but are in love with the idea of war. Men like Cheney, who were draft-dodgers in the Vietnam war.

'This is a blueprint for US world domination -- a new world order of their making. These are the thought processes of fantasist Americans who want to control the world. I am appalled that a British Labour Prime Minister should have got into bed with a crew which has this moral standing.'


©2002 smg sunday newspapers ltd


Many Say War Not Worth It; Cheney: 'So?'
Did you see Cheney on the ABC News tonight? You should have seen his smirky grin when he told her "so." He doesn't care what the country thinks about the war.

"On the security front, I think there's a general consensus that we've made major progress, that the surge has worked. That's been a major success," Cheney told ABC News' Martha Raddatz.

When asked about how that jibes with recent polls that show about two-thirds of Americans say the fight in Iraq is not worth it, Cheney replied, "So?"

"You don't care what the American people think?" Raddatz asked the vice president.

Yeah - that would be worth watching.

It is worth mentioning that the author
of this article is a a conservative Republican and contributing Editor of Red State, a conservative blog. Since we are always hearing after this or that article about that paper or station being liberal, I think it should be be noted that this is clearly republican and biased on that account.
Anyone who takes Fox tabloid seriously is not worth it and
Fox is a one sided propaganda hateful tabloid. It's quite clear to the intelligent people of this world. Think about it for a minute. Sheesh. They lie. lie lie lie and Hannity is the worst one.
Looks like it was a point worth missing.
you decide to let us in on what that elusive point might be.
Not true and not worth commenting on.
Please do some research before you post things that are not true. Just do a Google search and you will find the truth.

Another fishy story from someone who took the Republican bait hook, line, and sinker!
Dollars you have in your pocket won't be worth anything.....
As value decreases now, world is found on shaky ground, too, so my thought is that they are probably going to come up with a currency that will be used by all countries involved (from research I've done) and the dollars you have in your bank account, savings account (?) and pocket won't be worth a red minted cent!