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Burn baby, burn - Space4Commerce by Brian Dunbar — LiveJournal
November 28th, 2008
10:02 pm

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Burn baby, burn
So .. this bailout thing we're now all on the hook for?

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars.

That is a lot of friggin' cheeseburgers.

But to put in perspective with inflation adjusted numbers . . .

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 bailout costs more than all of those previous expenditures combined.

I don't know enough about economics - I suspect no one person does [1], that's how we got in this mess - to say if this is actually a bad deal.

But it feels like we've lugged bales of currency out into the backyard and set them on fire to warm ourselves up.  Which is great for now - who has the marshmallows? - but I was going to use some of that money to buy groceries and the folks at Citi [2] will be expecting a check next month and - whoops - I just used that money to warm myself in the backyard instead of going inside like a sensible person.


[1] I dunno who said but I heard a wag on the radio say that people with degree and important jobs created this mess.  And we're trusting more people with degrees and important jobs to fix it.  Maybe we need to get some people who can balance a checkbook and give them the job.

[2] Who, ha-ha, is now the government.  Which is me, according to my eighth grade civics class.  Why am I sending myself a check next month?

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[User Picture]
From:yourbob
Date:November 29th, 2008 03:15 am (UTC)
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Apparently it's actually 8.5 trillion that's promised/sequestered/whatever. That's, I'm told, 60% of the US economy.
[User Picture]
From:scifiben
Date:December 2nd, 2008 04:49 am (UTC)
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Where are you getting these figures? Are you sure there isn't some overlap? Most of the numbers I've been hearing about in the news are actually just chunks of the original $700 billion being parceled out.
[User Picture]
From:bdunbar
Date:December 2nd, 2008 05:23 am (UTC)
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Jonah Goldberg cited $ 7.7 trillion on 11/28. He might be rounding up from numbers published by Bloomberg.

Article here http://www.bloomberg.com/apps/news?pid=20601109&sid=an3k2rZMNgDw&

And ... data! http://www.bloomberg.com/apps/data?pid=avimage&iid=i0YrUuvkygWs
[User Picture]
From:yourbob
Date:December 2nd, 2008 06:52 am (UTC)
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CNN, MSNBC, CBS, PBS.

The 8.5 trillion is apparently the amount that all the promises we've made to address this thing comes to. This includes, apparently, the "stimulus" package this summer, loan guarantees made before the 700 billion, plus the 700 billion, plus the "bailouts" we did in the weeks before the 700 billion - which are not counted toward the 700 billion.

There are lots of numbers being thrown around. Most of them are way over 700 billion. The most common one I'm hearing right now is 7.5 trillion - which, I think, starts the clock after the stim pack this summer.
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