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Bloomberg calculates the total amount the taxpayer is on the hook for is $7.76 trillion, or $24,000 for every man woman and child in the country.

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KC Says:
November 25th, 2008 at 8:06 am

Maybe instead of using dollar amounts, they should use the equivalent number of Big Macs that could be bought. Then taxpayers could relate.

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Whenever I discussed the current bailout situation with people, I find they have a hard time comprehending the actual numbers involved. That became a problem while doing the research for the Bailout Nation book. I needed some way to put this into proper historical perspective.

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

    • 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

    ______________________________________________________________________

data courtesy of Bianco Research

>

That is $686 billion less than the cost of the credit crisis thus far.

The only single American event in history that even comes close to matching the cost of the credit crisis is World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion

The $4.6165 trillion dollars committed so far is about a trillion dollars ($979 billion dollars) greater than the entire cost of World War II borne by the United States: $3.6 trillion, adjusted for inflation (original cost was $288 billion).

Go figure: WWII was a relative bargain.

I estimate that by the time we get through 2010, the final bill may scale up to as much as $10 trillion dollars…

>

UPDATE:  November 25, 23008 10:34am

A few additional details:

-Well regarded Jim Bianco did the number crunching. The easiest method is to recalculate the numbers using  CPI data.  There are other ways to depict this — such as percentage of GDP, or on a per capita basis, or in terms of costs of common items (eggs, bread, big macs, etc.).

Bloomberg calculates the total amount the taxpayer is on the hook for is $7.76 trillion, or $24,000 for every man woman and child in the country. (Data breakdown is here)

Regardless, no matter you calculate it, we are talking about an ungodly amount of money.

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Seuss said:

> I estimate that by the time we get through 2010, the final bill may scale up to as much as $10 trillion dollars…

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LayYouIn said:

so how many have there been so far?

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elbisivni said:

LayYouIn said:

so how many have there been so far?

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not enough!!
http://news.bbc.co.uk/2/hi/business/7893574.stm

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LayYouIn said:

aren't they just going to go under anyways?  why not just let them go under...oh yeah all the people that will be unemployed.

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LayYouIn said:

aren't they just going to go under anyways?  why not just let them go under...oh yeah all the people that will be unemployed.

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nw_shroomy said:

Wasn't there also a AIG bailout? and a freddiemac

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Texmex said:

LayYouIn said:

aren't they just going to go under anyways?  why not just let them go under...oh yeah all the people that will be unemployed.

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They could have used the stimulus package as an opportunity to create jobs, but they would rather spend our money on entitlements.  It seems that they have seized the opportunity to push through their partisan ideologies.

If someone is going to argue that education on std's in foreign countries is stimulative to our economy, well I can use a good laugh.

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LunarEclipse said:

OK I'm game.  Education on std's in foreign countries is stimulative to our economy because when all those horny Americans get laid in some far off land they will not get a disease that could a) make them spend money on getting a shot or medication that would otherwise flow back into the United States and b) have a good time getting screwed in some far off land and they will come back to America in a good mood and spend more money when they get back because as we all know consumer confidence is the key to economic stimulation and c) they might work harder knowing they don't have herpes or worse which is stimulative to our economy and d) they will save up money to go back to the far away land to get laid again completing the economic stimulation created by us spending money on education to prevent STDs in that far away land.  Of course it sucks using a condom but consider the alternatives.

Class dismissed.

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STD's are a nasty subject.  i've never had one but i've had friends that have.

aren't there a lot of people out there with herpes?

im glad i've been abstinence for a while, a long while...

sorry for going off subject.

LayYouIn said:

LunarEclipse said:

OK I'm game.  Education on std's in foreign countries is stimulative to our economy because when all those horny Americans get laid in some far off land they will not get a disease that could a) make them spend money on getting a shot or medication that would otherwise flow back into the United States and b) have a good time getting screwed in some far off land and they will come back to America in a good mood and spend more money when they get back because as we all know consumer confidence is the key to economic stimulation and c) they might work harder knowing they don't have herpes or worse which is stimulative to our economy and d) they will save up money to go back to the far away land to get laid again completing the economic stimulation created by us spending money on education to prevent STDs in that far away land.  Of course it sucks using a condom but consider the alternatives.

Class dismissed.

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STD's are a nasty subject.  i've never had one but i've had friends that have.

aren't there a lot of people out there with herpes?

im glad i've been abstinence for a while, a long while...

sorry for going off subject.

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shazzam said:

Let them all fail, have 6 months of hard times and the market will correct itself

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