Bailout Exceeds 90 Percent of 2008 U.S. GDP - HUMAN EVENTS

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Bailout Exceeds 90 Percent of 2008 U.S. GDP - HUMAN EVENTS

by  Deroy Murdock

04/06/2009

Anyone who doubts that the Bush and Obama administrations collectively transformed America into a socialist state should consider this: For every dollar American citizens generated last year, the federal bailout consumed more than 90 cents in outlays, loans, and commitments.
Bloomberg News has tallied Washington, D.C.’s spending and promises as it props up banks, insurers, automakers, and seemingly everyone except hardworking taxpayers who promptly pay their bills. Bloomberg deserves great credit for focusing on this constantly moving target. In its latest estimate, Bloomberg correspondents Mark Pittman and Bob Ivry reported March 31 that the Federal Reserve, Treasury, Federal Deposit Insurance Corporation, and Department of Housing and Urban Development have saddled taxpayers with $12.8 trillion so far. America’s 2008 gross domestic product was $14.2 trillion. Hence, the federal bailout now equals 90.14 percent of GDP.