Monday, September 22, 2008

Federal Bailout Boondoggle

I haven't posted anything on the financial crisis or the bailout, mostly because I'm too busy, too ignorant of the facts, and on a day-to-day basis dollar amounts that go much beyond $10 are beyond my comprehension. (My hubby is the number cruncher in our family.)

However, I came across a few facts that puts the Wall Street $700 billion bailout into perspective. $700 billion represents more than $2,000 for every man, woman and child in the United States. In case you're wondering there are about 305,186,613 people in the United States.

Putting it another way,
[T]he entire appropriation for discretionary spending by the U.S. Department of Education in fiscal year 2008 was $59.2 billion. So the proposed bailout is roughly 14 times the entire department's budget, which includes grants to districts to help educate disadvantaged kids, spending on students in special education, and money for Pell Grants and other college access programs.
Are we officially on the fast track to socialism?

The vote on the federal bailout would tell us quite a bit about the governing philosophy of both McCain and Obama. Unfortunately, neither candidate seems willing to actually commit to going back to DC to vote on the measure. Does anyone else wonder how, with over 300 million people, we got stuck with these two as our choice for President?

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