This has become staggering beyond belief. What am I talking about? The same thing everyone is talking about these days—the amount of money being spent [and at such a rapid pace] by the federal government.
It all began, of course, in the Bush administration with the $700 billion bank bailout. Obama added another $787 billion for a stimulus package that won’t stimulate anything but government size and scope. Now another $400+ billion has passed Congress, a bill so loaded with pork that it is calculated it includes approximately 9000 earmarks [you know, those things that don’t exist in these bills, according to the president].
Now, with the announcement of Obama’s new budget, the deficit will be four times what it was last year. Bloomberg has reported that taxpayers are now responsible for $9.7 trillion in bailouts, etc.
The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.
As congresswoman Michele Bachmann notes,
Well, now it’s gotten even worse. In just two weeks, Bloomberg has been forced to revise its analysis and increase that burden by almost $2 trillion. Bloomberg issued another report today that now raises the federal commitment to $11.6 trillion. That’s real money, money that future generations have to pay for.
Perhaps we need another stimulus plan?