Holy Toledo! More than the entire cost of all wars the U.S. has ever fought. More than the New Deal. More than the cost of sending a man to the moon. Almost twice the yearly gross domestic product of the entire United States of America.
That’s the possible cost of the 50 bailout programs to which the U.S. is now committed — $23.7 trillion — according to Neil Barofsky, special inspector general for the Trouble Asset Relief Program (TARP). The ranking Republican on the House Oversight and Government Reform Committee, Darrell Issa of California, points out that spending a billion dollars a day back to the birth of Christ would have added up to only $1 trillion. Barofsky’s report is expected to be delivered today to the House oversight panel.
If Congress ever needed a bucket of cold water on its over-heated passion for spending, Barofsky’s warning should provide it. Some Democrats representing districts where people earn enough to feel threatened by President Obama’s massive new spending proposals, and specifically by proposals to levy new taxes to cover the projected new health care entitlement, are beginning to balk. The trillion dollars that entitlement’s likely to cost over 10 years — a modest, low-ball estimate no doubt — will soak the rich and, finding that revenue source insufficient, will soak the middle class, too. Throw in higher energy costs, higher manufacturing costs, and the general increase in the cost of goods and services that “cap-and-trade” or, more correctly, “cap-and-tax” will cause and suddenly the liberal majority begins to look unaffordable.
The numbers are now so staggering that it’s virtually impossible to grasp them. Even asserting a variant of Issa’s calculation, spending the entire annual budget of the State of Georgia every single day back to the birth of Christ, would still not equal $23 trillion. Staggering. Debt will sink America.