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Thread: the True Cost of the 'bailout' - so far ...

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    Banned Melonie's Avatar
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    Default the True Cost of the 'bailout' - so far ...

    (snip)"Mind Boggling - The True Cost of The Bailout
    Posted by chartingstocks1 Dec
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    At $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 "(snip)

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    Default Re: the True Cost of the 'bailout' - so far ...

    in case the point isn't being driven home yet ...

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    Senior Member Butrcup98's Avatar
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    Default Re: the True Cost of the 'bailout' - so far ...

    True. But as a percentage of GDP, we have still spent less than WW2.

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    Default Re: the True Cost of the 'bailout' - so far ...

    ^^^ big difference between what we have 'spent' already, versus what we WILL be required to spend based on the guarantees already made.

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