Bloomberg has been doing some adding on the current cost of the federal rescue package and you may not like the numbers they came up with in their exclusive story.
Here are the highlights:
The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday (November 24). The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.
The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program.
Actually, it's 1,008% higher than the deal approved by lawmakers.
Now math was never my strong point, so I hope I have made a terrible error somewhere in this equation:
If we're talking $7,760,000,000,000 for the bailout (that's $7.76 trillion for those who hate all those zeroes) and you divide that figure by the current U.S. population of 305,748,448 (thanks, U.S Census!) then that means that each and every one of us is on the hook for: $25,380.34.
So my family of three has an actual balance of $76,141.02.
I owe the government three new 2009 Ford Explorer Sport Tracs, if I can get them for the low end of MSRP?
Will they take a check?
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