Mind Boggling – The True Cost of The Bailout
Monday, December 1, 2008 18:23At $8.5 Trillion already pledged by the US Government, the 2008 bailout of the financial sector has become largest single expenditure ever assumed by the US Government (Or any government). Just how large you ask? We’ve now exceeded the total cost of World War 2, The New Deal, Korean War, Iraq Invasion, Vietnam, The Louisiana Purchase, The Marshall Plan, S&L Bailout, The Moon landing & NASA. COMBINED! In inflation adjusted numbers!
Here’s the breakdown of the various government expenditures adjusted for inflation (In today’s dollars).
World War 2 $3.6 Trillion
Marshall Plan $115 Billion
Louisiana Purchase $217 Billion
Lunar Landing $237 Billion
Savings & Loan Bailout $256 Billion
Korean War $454 Billion
Roosevelt New Deal $500 Billion
Invasion of Iraq $597 Billion
Vietnam War $698 Billion
NASA $851 Billion
Total: $7.5 Trillion
2008 Bailout: $8.5 Trillion (And counting)
$8.5 trillion is nearly 4 times the amount of revenue that the US government takes in each year in taxes. It is nearly 75% of our entire GDP!
If the US government really wanted to help the economy, the could have eliminated the income tax for everyone for 2008. Actually, at $8.5 trillion, they could have eliminated all income tax for everyone for 2008, 2009, 2010, and 2011. Letting the people keep the fruits of their labor would have quickly increased consumption and demand. When you give a tax cut to the poor and middle class, they spend it. The rich put it in the bank.
There are going to be major consequences to these actions. By taking money from the many and putting it into the hands of the few, the government is deepening the already lopsided distribution of wealth in this country. These policy decisions move us one step closer to third world status. It is in the third world that most of the population is dirt poor while a tiny minority is extremely wealthy. I hope Americans wake up before it’s too late.
“The last official action of any government is to loot the treasury”
-Quote from Michael Rivero at Whatreallyhappened.com
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jdogg92056 says:
December 1st, 2008 at 9:15 pm
Uncle Sam says, “Kiss the Wabbit!”.
mittz says:
December 2nd, 2008 at 7:34 am
This is crazy… I am sick to my stomache to read this. All of you people should be thinking very hard here. I know this is a bad time we are going through. I am going to try this: Skip ahead 50 years–Our children, grandchildren,,,,what the hell are they going to say about us!!! Really…People do you not understand what this means for THEM. Dont have to worry about us, (right now) because its too late. Can you just picture the life you are giving THEM. As you work today, or watching American Idiol,,, THINK ABOUT THE CHILDREN OF TOMORROW.
Is there anything that you can do?
John Lohan says:
December 2nd, 2008 at 12:36 pm
“At $8.5 Trillion already pledged by the US Government”
As far as I know the govt has not pledged 1/10th of your figure. It is not very responsible of you to post pure fiction and scare people.
chartingstocks1 says:
December 2nd, 2008 at 12:45 pm
John,
I know how unbelievable it does sound but it is true. I think your only looking at the $800 billion pledged to the TARP (Paulson’s Plan). If you include the trillions pumped into the system by the fed, billions to save aig, bear stearns, fannie mae, freddie mac, etc you reach $7.76 trillion. The 7.76 trillion figure was widely reported on November 24th by bloomberg and many other sources.
Since then, the gov has pledged another half a trillion to Citigroup.
I don’t mind going over the numbers with you but please dont make accusations unless you’re very certain of the facts. Let me know if you’d like the detailed breakdown.
James Norton says:
December 2nd, 2008 at 12:51 pm
here is a place where you can see the 8.5 trill figured in and broken down for you
Follow the $8.5 trillion
http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2008/11/26/MNVN14C8QR.DTL&o=0
George Wanker Bush says:
December 2nd, 2008 at 2:45 pm
When you are out of cash, I can put you to work in the army. I need more bullet stoppers.
chartingstocks1 says:
December 2nd, 2008 at 3:06 pm
Thanks for the post James
Anne says:
December 16th, 2008 at 7:31 am
Are you sure the Louisiana Purchase was $217 Billion? The price paid at the time in the dollars of that time was $15 million. I’m not sure what that is in today’s dollars.
A lower cost for all that land only makes your point sharper.
axa home insurance says:
December 18th, 2008 at 2:32 am
axa home insurance…
I can’t believe that I missed your point, I will have to do some research on this….
phentermine no prescription says:
February 21st, 2009 at 6:49 pm
phentermine no prescription…
Blog…
Len Miskulin says:
September 9th, 2009 at 2:40 pm
Those costs although very difficult to check fully are probably still far underestimated. However, ther is one very important, actually very misleading point being made. TAXES! If you check the constitution properly you will find that INCOME TAX IS ILLEGAL and that it is nothing less than EXTORTION BY A PRIVATE COMPANY. A fraud no less.
I live in Croatia and I know it – how come you do not?
Len Miskulin
(ex) Chairman (in exile)
Live Geat Dads UK