Writing in the Washington Times today, Deroy Murdock considers some of the statistics proving America is a socialist state. “Anyone who doubts that the Bush and Obama administrations collectively transformed America into a socialist state should consider this—for every dollar American citizens generated last year, the federal bailout consumed more than 90 cents in outlays, loans and commitments” (emphasis ours throughout). Citing comprehensive research performed by Bloomberg News, Murdock paints a grim picture:
In its latest estimate, Bloomberg correspondents Mark Pittman and Bob Ivry reported on Tuesday that the Federal Reserve, Treasury, Federal Deposit Insurance Corp. and the Department of Housing and Urban Development have saddled taxpayers with $12.8 trillion so far. America’s 2008 gross domestic product was $14.2 trillion. Hence, the federal bailout now equals 90.14 percent of gdp. If that is not socialism, what is?
This $12,798,140,000,000 costs every American man, woman, boy and girl $42,105. A family of four’s share of the bailout equals $168,420. Bloomberg reckons this $12.8 trillion invoice is more than 14 times the $899.8 billion in U.S. currency coursing through the economy. This signals inflation ahead.
An unintended result of these “unfathomable sums,” says Murdock, is “that they have made it almost cute to complain about federal expenditures of mere millions or even billions of dollars. It now takes an Easter parade of zeroes to capture the public’s attention, much less unleash its outrage.” The government’s management of the economy is immature and undisciplined, says Murdock.
For its part, Congress exhibits all the maturity and self-restraint of college freshmen on spring break. Its 1,071-page, $787 billion “stimulus” bill includes $7.2 billion for broadband deployment. Can’t Verizon or Time-Warner Cable fund this? The 2,967-page, $410 billion omnibus spending measure includes $7.7 billion for 9,287 earmarks that range from comical to grotesque. Why did Congress charge taxpayers $6.6 million for termite research? Couldn’t Terminix and Weyerhaeuser split that tab?
The Trumpet has long been forecasting America’s crash into economic ruin. And while this plummet and its vast ramifications are deeply alarming, there is hope at the end of the dark tunnel. To learn more about America’s economic decline, read “Can the Financial Flames be Stopped?” from the April issue of our free printed version of theTrumpet. To learn how you can escape economic crises, order our free reprint article “How You Can Prosper in a Recession!”
Source: The Trumpet.com