The bailout number is huge. However, there is a number out there that is even more staggering. The total amount of unfunded liabilities is reported to be $56 Trillion, that number comes from the US Treasury. These are very real liabilities yet they aren’t included in the national debt or deficit numbers.
So if I did my math correctly ($10T/260MM people), that means that the total price tag for the bailouts is equivalent to roughly $38,000 for every person?
I'm going out on a limb and saying that if the government sent out a $38K check to every person in the US instead of doing these stupid bailouts that our economy would take off like a fat guy chasing a twinkie!
The next big unit in the US would be quadrillion. A thousand trillion.
I'm with Owen. Send me and the wife $38K each and well have a good time. Well, really, we'd probably use a bunch of it to pay off debts or increase savings, which is why they won't just send it to us. But, send $38K to each of my kids (18 & 22), and I guarantee we'll see a bunch of spending.
Actually, I think it you want to see a huge stimulus you just need to divide that money up and give a chunk to every teenager in the country. About 7% of the US population is in the 15-19 age bracket. So, that's something like half a million apiece. Look out American Eagle!
I was just reading yesterday that it took 200 years to get 800 Billion Dollars into circulation, and over the last 6 months we've more than doubled that amount. That article was about 6 to 8 months old.
The total amount of unfunded liabilities is reported to be $56 Trillion, that number comes from the US Treasury. These are very real liabilities yet they aren’t included in the national debt or deficit numbers.
Trump and Kiyosaki throw that number around a lot. It assumes, however, that we give SS receipients and such the same benefits that we do today. I just can't believe that there win't be a drastic cutback in benefits in about 10, maybe 15 years. the money's just not there to support it, and the credit cards are maxed out.
[ I just can't believe that there win't be a drastic cutback in benefits
Social Security is definitely the elephant in the room. However it is also the sacred cow that no politician will touch. The senior lobby is so strong and they vote. It's sure defeat to any elected official who messes with their entitlement.
Statistics show us that the average American will not save that money. So it would be safe to assume it would be spent on Plasma TVs, Ipods, cars, clothing, shoes, food, entertainment, ect...
Now that is stimulus we could count on!!!!!
What did the banks and car companies do with their money again?
I was watching FBN the other day and the total in liabalities with all the bailouts and current debts is 78.6 TRILLION. These liabilities are social security and the like. Lest we forget all of the unneeded SS disability recipients that we fund. We cant maybe RETRAIN anyone with a knee injury to get a job in the future, they get to ride on the gravy train and work for cash to keep their disability payments & medicare and all the other services that they can qualify for.
My question is: when are THEY going to start SACRIFICING what they spend on?
here is just ONE example of a second generation welfare Jerry Springer CRAP we are paying for: one girl, 22, THREE kids. She's married living with another man (just had HIS baby). they live with another couple & their kids who had mommy finance a home for them and section 8 is paying for it. 4 adults, one modular, 6 kids, 7 DOGS. 4 ADULTS NOT ONE OF THEM HAS A JOB, they can afford to smoke because of their monthly stipends from Uncle Sam & Aunt Jenny & YOU. None of them can bring themselves to clean their place up & at this moment it should be condemned because they dont ever clean including the dog droppings off of the floor. The baby is 6 months old and has already been hospitalized TWICE because these 4 worthless LOSERS SMOKE IN THE HOUSE all day long with the kids in it.
They don't DO anything productive, have NICER stuff than I do because they rented it from a furniture store and never planned on paying for it and there isnt a thing that can be done about that & they get welfare money, food stamps, health benefits and a roof over their heads....get ready for it folks because that is what SOME of this stimulus is paying for! The more kids they have, the mo' money they get.
In America you have a choice... choose to work and pay your dues and make some money & pay it to uncle sam to pay for shlubs like i mentioned above who choose NOT to work because why should they? Uncle sam is taking care of them.
It makes me sick. Sorry, I just had to rant. This really TICKS me off!!
Listen....just ask me to cut the 100 trillion dollar check and I will.
I'll just consider it charity :mrgreen:
I wish........I freaked out when my bank account had it's first 4zeros in it, I thought I was going to pass out.
I wonder if there is a way I can quietly slip in oh I dunno.....9 extra zeros in my account? I mean with all the spending the government is doing who's really keeping track right? :cool:
What is amazing to me is that all of this borrowing in the private sector is what got us into this mess! So, even more borrowing in the public sector is suppose to turn things around and make things better?
The Dow and S&P 500 tumbled to levels not seen in nearly 12 years today, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.
This keeps up, the Democrats will call for even more stimulus.
Matthew -
Democratic congressmen have said on the record that this is only the beginning of the stimulus plans . . . $10.8 Trillion is going to be a starting point only.
Obama said the other day that he has no intention of nationalizing banks. Now a few days later they’re talking about taking an even larger stake in Citibank that would be just short of nationalization. So which is it? AIG is also looking for more money.
So AIG burned through the $150B in 5 months and now they are going to be reporting $60B in loss Q2, expected.
So not even a quarter of a Trillion! Would have had them break even over the last 2 quarters.
They should have let them fail back in Oct. Sure the market would have been crushed but it is basically going to happen. The amount of cash burn going on over there is unbelievable and it is only going to get worse. The commercial exposure is really bad and 09 is going to be a bad commercial year, worse then 08 imo.