New Study Puts Bailouts in Historical Perspective
Stowe, VT–Casey Research has analyzed the costs of the government bailouts of the housing crisis, the credit crisis and others and has concluded that the total is $8.5 trillion—more than the cost of all U.S. Wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program combined.
“When we consider the costs of these programs, even when adjusted for today’s dollars, we see that we have gotten tremendous bargains in previous centuries and are wasting a terrible sum of money in the twenty-first century,” said Olivier Garret CEO of Casey Research.
To illustrate this point, following are the costs of previous U.S. programs and their cost in 2008 dollars:
o The New Deal – $500 billion
o The Marshall Plan – $125 billion
o The Louisiana Purchase – $284 million
o World War II – $4.1 billion
o The Vietnam War – $686 billion
“How will our country repay its debts? The current bailout represents sixty-two percent of our GDP. As we move forward, our government will need to attract trillions of dollars from taxpayers to fund its programs and commitments.
“In the near future, the Federal Reserve will have no choice but to turn on the printing presses and start operating them around the clock to create the money that can’t be raised on the capital market. These actions will lead to a significant debasement of the dollar and a major appreciation of gold and commodities.
“Our weakened U.S. economy will be faced with the rising cost of capital and a period of stagflation. America will have been mortgaged and the ensuing debt will have to be paid by future generations,” said Mr. Garret.
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