Posted on 11/13/2008 5:26:05 AM PST by Red in Blue PA
The latest proposal by Democratic lawmakers to aid ailing automakers includes $25 billion in emergency loans, but that practically amounts to spare change compared to the federal government's total tab for the continuing credit crisis, Forbes reports.
The magazine, citing the research firm CreditSights, said the federal liability so far is at $5 trillion — and it's still rising.
The total is the cumulative price tag of the various government bailouts, loans and assistance packages intended to shore up the financial industry and revive the flagging economy. It includes efforts spearheaded by Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corp. Chairman Sheila Bair.
(Excerpt) Read more at foxnews.com ...
$5,000,000,000,000.00
For perspective.
Five million millions.
$15,151.15 for every person in the USA (assuming 330 million people). Goes up dramatically only looking at taxpayers.
Just fricken stop spending my future already!
They are don spending your future. They are working on the future of your children’s children. Or is it your children’s children’s children?
And to think we still have about 45 trillion in unfunded entitlements such as Social Security and Medicare.
Kind of strange that we’ve spent almost as much on the Wall Street bailout of the world’s biggest and wealthiest corporations as we have on Lyndon B. Johnson’s “War on Poverty.” Of course, we’ve spent in a matter of weeks as much on the bailout as we did on the War on Poverty over the same number of decades.
The common thread through both financial bailouts?
The middle class is paying through the teeth for failed Democrat economic policies to help out both ends of the spectrum, at the expense of saving money for their families.
Look for higher interest rates in the future. Surely, borrowers such as China now have a right to ask “can I trust you repaying me”?
This effect will be devastating as this is what we were banking on to finance us. We are a house of cards set up for failure.
With Democrats in charge, historians are going to have to list Bush as one of the last frugal presidents of the USA.
There is another 60 trillion in unfunded liabilities.
That doesn’t include state, city, county debts. Say 120 trillion.
Say about $300,000. Man, women and child.
Of course only about half of Americans are, ahem, productive. So, really it’s $600,000 for us workers. Plus the usual year to year taxes.
If you were to invent a Science Fiction future state of some sort of high tech serfdom. Would it look any different than now?
Is it possible to have serfdom and not know it?
Did the historical serfs know they were serfs, or did they just feel that ‘this is the way it is’?
Spending was proposed by a republican, who has secured his spot in history as the biggest spender of all times.
Unfortunately, he learned nothing from his father in that regard.
Other than that, yes, he's a big-government type tax-and-spender.
But Obammie the Commie will make him look like Reagan in two years.
OK, that’s insane. The whole economy is only 15 trillion. Maybe time to try something else perhaps?
Why didn’t they start with some nice pro-growth alternatives, like cutting cap gains and corporate taxes? I bet they wouldn’t lose $5 trillion in tax revenue from that and our economy would rebound, be the shining star in this global slowdown, attract capital, new industry, and maybe, just maybe, contain this “crisis” to the banking industry where it started.
‘Did the historical serfs know they were serfs, or did they just feel that ‘this is the way it is’?’
Serfin’ USA!
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