Depressing Economy Fact Of The Day

Ken AshfordEconomy & Jobs & DeficitLeave a Comment

Almost half of the homes sold in the United States last month were foreclosure sales.

UPDATE:  Speaking of the economy, figures like 700 billion (which is the number given to the Bush bailout, as well as the additional bailout under Obama) cause one to turn white.

But, believe it or not, that was apparently just peanuts:

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. 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.

7.76 trillion?

I really don't know much about economics.

All I know is that a lot of money is being given out — bailed out, as they say — and I'm told it is necessary.

All I know is that $7.76 trillion is the equivalent of about $25,000 for every man, woman and child in the United States.

All I know is that none of it is coming to me.