Thursday, November 27, 2008

Bailout Spending is Out of Control

By Dennis Byrne
RealClearPolitics

Has anyone bothered to ask: Why $700 billion? Why not $800 billion to bail out the economy? Or a trillion? Jeez, as long as the dam has burst, why not make it a cool $7 trillion?

Okay, $7 trillion it is, and if you think that's an exaggeration, you're wrong. In this year alone, we have committed an amount that is more than half of our entire annual gross national product to assorted bailouts and guarantees. No, that doesn't mean that we have diverted half GNP for bailouts; it means that we have created half our gross national product virtually out of nothing.

Read more in RealClearPolitics.com

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