Gov't: Bailout Pricetag Could Hit $23 Trillion

[Octavian]

That's trillion with a T



A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government’s watchdog over the effort says – a staggering amount that is nearly double the nation’s entire economic output for a year.

...........

In fact, $23 trillion is more than the total cost of all the wars the United States has ever fought, put together. World War II, for example, cost $4.1 trillion in 2008 dollars, according to the Congressional Research Service.

Even the Moon landings and the New Deal didn’t come close to $23 trillion: the Moon shot in 1969 cost an estimated $237 billion in current dollars, and the entire Depression-era Roosevelt relief program came in at $500 billion, according to Jim Bianco of Bianco Research.

The annual gross domestic product of the United States is just over $14 trillion.


full Politco article (http://www.politico.com/news/stories/0709/25164.html)


Tim Geithner's Treasury Dept. is assuring everyone on the Hill that it won't be that big.

But even if it's half that size....well...we're all in for a future that's not going to be too much fun.

[My Opinion Matters]

:eek:

In before the partisan pissing contest.

[picasso]

But I thought Biden said that the government needed to spend money to get out of debt?

[JLEW1818]

lol obama.... lol Biden.... lol anyone who voted for them.... lol

;)

[Octavian]

I'd laugh w/ you if it wasn't so dangerous.


And Obama's current spend-aholism isn't the sole reason we're here. After decades of deficit spending, W kicked off this whole bailout carousel and then the Big O has punched it into hyperdrive.


The deficits are depressing to even contemplate and we're not doing anything to reverse those trends -- in fact, we're doing the opposite of helping pay those down.


But in any event, that is certainly a number we as a people and a country can't pay for....that could actually force the Fed Govt into a state of financial insolvency and then....well, who knows what will happen here? None of us. Completely uncharted waters.


And now they want to pile on Universal Health Care on top of all that?


It's like we're all riding in the most gorgeous and high-tech automobile ever designed and produced....and we're zipping along at about 150mph....headed straight for a cliff while blindfolded.

[picasso]

not funny at all. I just want things to go in the right direction, regardless of who gets it started.

[StoopTroup]

Lets sell Haliburton and pay it off. ;)

[Curly Bill]

Let's hire out all of our illegals and pay it off.

[StoopTroup]

See....we aren't screwed.. We can still generate some good ideas. :D

[Curly Bill]

I've an even better idea! Lets capture all of our illegals and sell them to willing buyers!

I bet nothing like that's ever been tried. ;) ;)

[StoopTroup]

Is Canada looking for some good landscapers?

[Curly Bill]

Do they even have vegetation up there?

Though speaking of which, since I don't have an illegal in my hire I gotta go trim some shrubs.

[JLEW1818]

"There not a real country anyway" - south park

[RUSH LIMBAUGH is my clone!]

I'd laugh w/ you if it wasn't so dangerous.


And Obama's current spend-aholism isn't the sole reason we're here. After decades of deficit spending, W kicked off this whole bailout carousel and then the Big O has punched it into hyperdrive.


The deficits are depressing to even contemplate and we're not doing anything to reverse those trends -- in fact, we're doing the opposite of helping pay those down.


But in any event, that is certainly a number we as a people and a country can't pay for....that could actually force the Fed Govt into a state of financial insolvency and then....well, who knows what will happen here? None of us. Completely uncharted waters.


And now they want to pile on Universal Health Care on top of all that?


It's like we're all riding in the most gorgeous and high-tech automobile ever designed and produced....and we're zipping along at about 150mph....headed straight for a cliff while blindfolded.Good going. How did that switch get thrown?

[yermom]

it's all funny money anyway, right?

[soonerhubs]

This thread hasn't really attracted much commentary, but I feel it's an extremely frightening prospect.

[Boomer Mooner]

http://img.photobucket.com/albums/v293/rsgibbs1/dumbasses/image011.jpg

[Octavian]

Good going. How did that switch get thrown?



well, a lot of it just has to do with numbers


it doesn't take an idealogical R or D to see this is a catastrophe waiting to happen


and the more and more the Administration disagrees with the non-partisan CBO estimates....the worse the Stimulus, the budgets, and this administration begin to look


I'm an American first.



And now Universal Health Care w/ higher taxes across the board during a major recession?


Forget about it.

[Octavian]

and before someone preempts with a retort that a Big O campaign promise of no-new-taxes on the middle class will **not** be eventually imposed....



as soon as the UHC is implemented, the government-run system will become inflated and we'll all be enforced to pay more -- either that or go bankrupt as a country



it's a great idea when spoken....it's a lot worse on paper....and it will be disastrous in practice....in lives and money



this isn't what I voted for


*edit: the word **not** makes so much difference in a sentence....

[RUSH LIMBAUGH is my clone!]

it's a great idea when spoken....it's a lot worse on paper....and it will be disastrous in practice....in lives and money



....The nature of socialism.

[OklahomaTuba]

Gee, who woulda thought having a left-wing radical with no experience at anything (except spending lots of money) as President, a pair of functional & delusional retards serving as VP & Speaker of the house, and a tax-cheat who works for Goldman Sachs on the side, was a recipe for disaster??


Don't blame me, I voted for the American dude. ;)

[yermom]

haha! Barry Soetero! haha!

[OklahomaTuba]

it's all funny money anyway, right?Well, if that's the goal, then its probably on its way in about 12-24 months.

That is, if we aren't fighting deflation at that point, still.