Good Lord

Pray for all of America. If this projection is correct, the taxpayers of the United States could be on the hook for $23 trillion in bailout costs.  That is double the entire American annual economic output. This is a worst case scenario, but even so, it should make you very, very nervous.

A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government’s watchdog over the effort says – a staggering amount that is nearly double the nation’s entire economic output for a year.

If the feds end up spending that amount, it could be more than the federal government has spent on any single effort in American history.

For the government to be on the hook for the total amount, worst-case scenarios would have to come to pass in a variety of federal programs, which is unlikely, says Neil Barofsky, the special inspector general for the government’s financial bailout programs, in testimony prepared for delivery to the House oversight committee Tuesday.

The Treasury Department says less than $2 trillion has been spent so far.

Gee, that gives me a warm, fuzzy feeling, how about you?

This is really appalling. No, this is insane. We could, if conditions worsen, destroy America outright with this kind of economic hit. If even one quarter of the worst case projections come true, we are in severe trouble.

Into this, the Obama administration wants to spend another huge amount on a health care “reform” that is nothing of the sort.

How’s that old hope meter? (I had no idea it could spin backward that fast…)