Bailout Blues
By Randy Samuelson | 11/25/08 | 07:00 PM EDT | 0 Comments
Jim Bianco of Bianco Research crunched the numbers on the bailout. Â His findings are disturbing. Â The bailout has cost more than all of these big budget government expenditures - combined:
- Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
- Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
- Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
- S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
- Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
- The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
- Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
- Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
- NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL: $3.92 trillion
The total cost of the bailout thus far is $4.62 trillion dollars. Â That number counts the Citibank bailout. Â What does that number balloon to after the automakers are bailed out is anybody's guess.
We are at a point in American history where the government is setting a horrible precedent. Â We, as Americans, are being led to believe that a few bureaucrats will solve all of the problems that ail our country. Â We, as Americans, are led to believe that we can throw money at a problem and everything will be all right.
The government is setting a bad example for its citizens. Â The government is showing us that spending is more prudent than saving. Â The government is creating a situation that our children and grandchildren and great-grandchildren will be paying for with their blood, sweat, tears, and taxes. Â
It will take more than a President who is willing to look for ways to cut spending to take us out of our funk. Â It will take a Congress that is willing to reverse decades of bad policies that began with Woodrow Wilson and Franklin Roosevelt. Â It will take a Congress and a Treasury that is willing to understand that their job is to be good stewards of OUR tax money and not spend money like drunken sailors. Â
Most importantly, it is up to us as Americans, as citizens of this country, to hold our elected leaders accountable. Â We cannot let a runaway Congress implement bad policies and bad spending plans to nationalize businesses whose only business plan is to hold their hands out to the taxpayers. Â Without some common sense leadership, transparency, and ethics on these issues, the next foreclosure might be the United States of American itself. Â
TAGS: Congress, bailout, federal spending
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