SFO Magazine ran some analysis by market maven Jim Bianco in its current edition and the gist was that the government grants, loans and guarantees are practically more than the country has ever spent combined. Maybe I exaggerate but according to data compiled by Bianco, CNBC, Bloomberg and the Wall Street Journal the government is now on the hook for a potential $8.7 Trillion hickey, and I mean that in the vampire, not make-out, sense.
Here is the link to SFO's table on how deep we could be in the doo doo.
Basically, its $5.1T for the Fed, $1.5T for the FDIC and $1.8T for the Treasury
Check this from the magazine about major purchases from the past and present:
--Grand Total: $3.92 trillion
Marshall Plan—$115.3 billion Louisiana Purchase—$217 billion Race to the Moon—$237 billion S&L Crisis—$256 billion Korean War—$454 billion The New Deal—$500 billion (estimated) Gulf War II/War on Terror—$597 billion Vietnam War—$698 billion NASA (total cumulative spending since inception)—$851.2 billion
Can we spend our way out of this mess? Let's just fire up the money presses!