Economic Stimulus: How Much Has Been Spent So Far?
December 10, 2008 by Miranda Marquit
Filed under Finance
We’ve all heard about economic stimulus packages, and, really, the big ones, like the $700 billion package or the housing rescue package are being talked about quite a bit. But there are smaller packages — like the student loan guarantees and the unemployment benefit extensions — that we don’t really know about. And then there are the huge expenditures that get brief coverage in the news: Commercial paper funding ($1.4 trillion) and money market guarantees ($719 billion).
When you think about it, even the $1 trillion economic stimulus being considered right now is really a drop in the bucket. It’s exceptionally hard to keep track of how much all of this economic stimulus is costing the country. The national deficit is going to be massive. Happily, though, CNN Money has created this handy economic stimulus chart:
It’s depressing, but it really gives you an idea of the scope of the spending we’re talking about. In fact, it’s the sort of numbing amounts that make you say to yourself, “It doesn’t matter how much more we spend now, we’re in so deep.” Deficits of this magnitude really make me wonder how anyone could be considering an income tax holiday. I don’t think the government could afford it.
What do you think of what’s been allocated so far for economic stimulus?
image source: CNN Web site
How much would each citizen recieve if the government took all the bailouts and stimuli packages totaled them and divide them per capita? Wouldn’t that be the bailout that makes the most sense for the American public?
I think if 7.2 trillion is the number we would all recieve $24,000 if our population is 3 hundred million. Food for thought.
You make an excellent point. I’ve actually ranted about this to some degree on my personal blog: http://bloggingprofessional.blogspot.com/2008/12/economic-stimulus-and-bailouts.html and also on the Personal Finance Corner: http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/11729935-1.html
If they’re serious about stimulating consumer spending, they’ll actually just give us the money straight up. Might as well. The “trickle down” from banks isn’t working.
The stimulus package is needed to give Dems who passed healthcare
Bill a shot to survive November midterms. Keeping in mind how little has been allocated
And spent.
The House vote on November 7 to pass Healthcare, by only 5 votes and one of those a Republican 39 Dems voting with the Republican; the bill passed 220 to 215. The
Democratic majority of 258 gave them a margin of 40 votes. Thus 39 Democrats voted against there own Speaker and there President. The fact is that this is a death vote for those Dems facing reelection this November. The expectation of more stimulus money is needed to hedge off angry voters in November. This is a bad bill, and those who voted in favor are the historical record. Republicans are on record as %99 against (except for one Republican who voted with the Dems). I have a strong feeling that all Dems who supported this bill have the expectation of extra padding for there districts, perhaps even an unspoken understanding between the Speaker and individual members has a final arm twisting to get there whopping 5 votes to pass, 4 Dems and one Republican. Watch how the stimulus money is dispersed Dems in the heated battles will receive the most and Republicans will never see it.