Saturday, October 18, 2008

The Real Cost to Taxpayers!

It is amazing at how our government can keep on spending and spending without the approval of the American people, who supply the money for these bailouts! Here is the new and updated grand total of what this financial mess has cost us....over 2.5 trillion dollars! It is pretty amazing to actually see it in black and white...and to think that all this happened in less than a month!

Bailout Type - Cost to Taxpayers
1. Pelosi's latest economic-stimulus package - $300 billion
2. Paulson's Bank Nationalization package - $250 billion
3. Bailout to the American car companies - $25 billion
4. Pelosi's bailout of the state & local governments - $150 billion
5. Financial "bailout" bill - $700 billion +
6. Bear Stearns financing - $29 billion
7. Fannie Mae & Freddie Mac nationalization - $200 billion
8. Mortage community grants - $4 billion
9. JP Morgan Chase repayments - $87 billion
10. Loans to banks via Fed's Term Auction Facility - $200 billion
11. Loans from Depression era Exchange Stabil. Fund - $50 billion
12. Purchases of mortgage securities by Fan/Fred - $144 billion

Possible Total $2.56 trillion +
Possible cost per household $24,269

Also the US govt has said it will temporarily guarantee $1.5 trillion in new senior debt issued by banks, as well as insure $500 billion in deposits in non-interest accounts...mainly used by businesses.

These added figures take the potential costs to $4.559 trillion + or $43,221 per household.

We need to as Americans demand fiscial responsibility by our men and women in Washington, or they will destroy the American dollar through inflation (or creation of new money). This hurts the middle-class the most, as most people know. Continue to educate yourselves to the unconstitutional spending and monetary policies that are going on in our govt! God bless us.