$8.5 Trillion Doesn't Buy What It Used To
Current bailouts dwarf most of U.S. history
Franklin Delano Roosevelt wasn't afraid to throw money at a problem, but the current administration makes him look like a tightwad.
As the government tries to spend its way out of the Great Recession, the total bill being rung up is mind-boggling. But how does it compare to some of the other great public works projects in the nation's history?
In November, it was announced that $600 billion was being spent to help lower mortgage rates, $200 billion for consumer loans and nearly $300 billion to help the ailing mega-bank Citigroup
For some context, that tab exceeds the total adjusted-for-inflation cost of World War II, the Marshall Plan, the Louisiana Purchase, the Race to the Moon, the S&L Crisis, the Korean War, the New Deal, the Invasion of Iraq, the Vietnam War and NASA
combined. Yes, combined.
Those adventures and expenditures cost $7.52 trillion combined, according to Jim Bianco
of Bianco Research
, nearly a trillion less than the current fiasco.