The era of big government is back in a big way.
The following is a timeline of the federal bailout and stimulus spending since
February of 2008:
- The first stimulus, $168 billion
- Bailout #1 – Federal takeover and money allocated
for Fannie Mae and Freddie Mac, $200 billion (only about 14 billion of
that has been drawn down by Freddie Mac)
- Bailout #2 of AIG – the
insurance company on Wall Street, $122.8 billion
- Bailout #3 money
known as the TARP (second half now authorized), $700 billion – some of that for the US auto industry, Bank of America,
- Bailout #4 (also stimulus/recovery plan) $825
That is $2 trillion in new debt since February of 2008 to February of 2009.
some of that in perspective, in terms of the debt burden that Americans are going to
facing, that is $17,000 worth of new debt per household . That’s an enormous
burden on the backs of the American taxpayers.