We've all heard over and over to the point of numbing the mind about how President Barack Obama has wasted Trillions and Trillions of dollars trying to rescue the economy with his stimulus package.
But the true picture isn't what is painted by those heaping scorn on a daily basis.
Let's look at some actual numbers, shall we? Hang on real hard....
The stimulus package that Obama put into play was for a total of $787 Billion. Not a Trillion. Has it been money spent? In a word, no...
$288 Billion dollars were dedicated for "Tax Credits" to induce folks to make America more energy efficient etc...
Using figures from the 15th of this January, $92.8 Billion in TAX CREDITS have been used. This is not spending, this is tax credit...
There we have $92.8 Billion of $787 Billion dedicated to stimulus.
$275 Billion were dedicated for "Contracts, Grants, and Loans" for things like rebuilding America's infrastructure. $71.5 Billion have been used thus far.
Let's see, $92.8 Billion plus $71.5 Billion equals $164.3 Billion.
$224 Billion were dedicated for the misleading, yet popular among the GOP, term of "Entitlements" which are actually things like unemployment and emergency healthcare for the newly unemployed.
Unemployment payments go directly back into the economy and have ripple effects far beyond their cost. The unemployed person spends the money at the grocery store which employs people, and sells goods which are shipped and produced by still other people, all of whom benefit and keep jobs, and then go and spend the money they've earned... $100.6 Billion have been used so far in this regard.
Now, $92.8 Billion plus $71.5 Billion plus $100.6 Billion equals $264.9 Billion of $787 Billion dedicated... Hardly "Trillions".
But wait! There's more! $296.4 Billion—Federal spending from the financial crisis bailout fund before Jan. 20, 2009. The infamous TARP funds... Before Obama took office...
Then $173 Billion—Federal spending from the financial crisis bailout fund after Jan. 20, 2009. The actual time Obama has been in office, but let's include it all.
$92.8 Billion plus $71.5 Billion plus $100.6 Billion plus $296 Billion plus $173 Billion equals $734.3 Billion used so far. Not "Trillions", but $734 Billion...
Then take into account the some $165 Billion of bailout funds repaid by banks and automakers.
Final total? $569.3 Billion, not "Trillions"...
More to come...
2 comments:
What does the interest come to on the borrowed funds that were used (since you've broken out the calculator and everything)?
Also, you may want to do a post comparing Obama's spending to that of Bush.
$2 Trillion - Cost of Bush's unbudgeted Iraq War of choice.
$2 Trillion - current debt to China held in US Securities.
= We put the war on a credit card. You chumps put the debt on your children. ...and spent the Clinton surplus.
So sit down and let the adults sort out the finances. OK?
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