Parkersburg to benefit from federal deficits
West Virginia has long sought to diversify from a coal-based economy, and the state finds itself on the ground floor of the nation's fastest-growing operation: borrowing money to keep the federal government afloat.
The Bureau of Public Debt will move its final 450 jobs from the Washington area to Parkersburg beginning next year. This is in addition to the 1,900 federal employees already working in Parkersburg to manage the country's $16 trillion national debt.
Every day the federal government must find
another $4 billion to borrow from somewhere. When a government is addicted to spending, feeding that habit is a full-time job.
Considering the importance of borrowing and keeping track of roughly one-third of the money the government spends each year, the importance of the Bureau of Public Debt cannot be overstated.
When the bureau first began relocating workers to Parkersburg in 1954, the national debt stood at $280 billion. Today, it is more than 50 times that.
To give an example of how out-of-control the spending is, officials estimate that the move will save the bureau $96 million over the next five years.
That's enough to run the government for about
Not too long ago, Akron was the Rubber City, Pittsburgh was the Steel City and the Kanawha Valley was the Chemical Valley. Now Parkersburg is Debt City.
Americans have to stop living off their past and start making and building things again.