Happy days are here again: Obama could spend $23.7 trillion to fix economy
posted at 4:15 pm on July 20, 2009 by Ed Morrissey
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People have begun to wonder whether an upper limit exists for the amount of money Barack Obama will spend to overhaul American economics. Not withstanding popular belief, Treasury’s Special IG Neil Barofsky says that Obama does have a limit at the moment. Take a deep breath, folks, and try not to squeal with, er, glee:
“The total potential federal government support could reach up to $23.7 trillion,” says Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, in a new report obtained Monday by ABC News on the government’s efforts to fix the financial system.
Yes, $23.7 trillion.
“The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn’t even imaginable,” said Rep. Darrell Issa, R-Calif., ranking member on the House Oversight and Government Reform Committee. “If you spent a million dollars a day going back to the birth of Christ, that wouldn’t even come close to just $1 trillion — $23.7 trillion is a staggering figure.”
Granted, Barofsky is not saying that the government will definitely spend that much money. He is saying that potentially, it could.
At present, the government has about 50 different programs to fight the current recession, including programs to bail out ailing banks and automakers, boost lending and beat back the housing crisis. Barofsky’s estimate means that if each federal agency spends the maximum potential amount involved in these 50 different initiatives — if the Federal Reserve ends up spending $6.8 trillion on its programs. If the Treasury Department spends $4.4 trillion, if the Federal Deposit Insurance Corporation spends $2.3 trillion, and so on — then the numbers add up to a total of $23.7 trillion.
Yeah, don’t worry — government never spends as much money as it allows itself. Why, that would be like deficit spending, and the Obama administration would never put up with that!
Uh … sure.
The reason Barofsky mentions this is to get Congress to help impose more stringent oversight on Treasury spending. The statement comes from his report, discussed earlier today, that showed that the hundreds of billions given to financial institutions from the TARP program didn’t get used properly and that no one can tell where all of the money went. If we allow that to happen with $700 billion, Barofsky argues, how can we spend $23.7 trillion with any hope of accountability or purpose?
I have a better idea. Let’s stop spending that money and cut our losses now.
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This calls for a celebration! Someone order a $2 million slice of ham.
Vincenzo on July 20, 2009 at 4:16 PM
STOP!!!
Seven Percent Solution on July 20, 2009 at 4:17 PM
My ass. It bleeds.
lorien1973 on July 20, 2009 at 4:17 PM
That number is eight times the US GDP.
Vashta.Nerada on July 20, 2009 at 4:17 PM
I think I just threw up in my mouth a little.
myrenovations on July 20, 2009 at 4:17 PM
Ed this should have had an MJ picture. It reminds of me of people who spend more money on plastic surgery to fix the ill effects of having too much plastic surgery…good money after bad to have even worse results. It’s sick.
Laura in Maryland on July 20, 2009 at 4:17 PM
But Republicans, don’t you dare complain because oneyear (with a Dem congress) BUSH had like a $200 billion deficit
battleoflepanto1571 on July 20, 2009 at 4:18 PM
It’s really gaurantees. We’ve already guaranteed 12 trillion dollars (I posted this months ago).
lorien1973 on July 20, 2009 at 4:18 PM
SARCASM
battleoflepanto1571 on July 20, 2009 at 4:18 PM
who the hell is this guy?
moonbatkiller on July 20, 2009 at 4:18 PM
Allah tried, but MK isn’t that kind of girl.
Laura in Maryland on July 20, 2009 at 4:18 PM
The stimulus won’t be complete until the shamwow guy is selling it on latenight infomercials.
Vincenzo on July 20, 2009 at 4:19 PM
My ass. It bleeds.
lorien1973 on July 20, 2009 at 4:17 PM
Better get that checked out before ObamaCare kicks in.
txag92 on July 20, 2009 at 4:19 PM
Mas Goodness!!!
FontanaConservative on July 20, 2009 at 4:20 PM
I wonder how China, our landlord, feels about this.
a capella on July 20, 2009 at 4:21 PM
It hurts just thinking about a number that big.
BadgerHawk on July 20, 2009 at 4:21 PM
I went to dailykos to read their spin
it was “SOME of that ham is going to poor people, and there will always be SOME wastful spending!”
also ignored drudges link that the govt rate for ham is DOUBLE a supermarket rate……
…… But please tell me how govt healthcare will be “more efficient”
battleoflepanto1571 on July 20, 2009 at 4:21 PM
Executive order dismissing all IG’s in 3..2..1…
WashJeff on July 20, 2009 at 4:21 PM
Can i get some of my troubled assets covered under this exciting new program? I bought four plasmas, two escalades, and a trip to disneyworld with a home improvement loan i got on top of my ARM for the house i bought with no money down last year at the top of the market.
after all, its bush’s fault, not mine.
Vincenzo on July 20, 2009 at 4:22 PM
No Mas!
faraway on July 20, 2009 at 4:23 PM
this is why Treasury has been trying to keep a lid on Barofsky…and IGs in general….IGs are the living canary in the coal mine tweeting like mad….STOP THE INSANITY! STOP SPENDING!!!!
ginaswo on July 20, 2009 at 4:23 PM
Hey, I got an idea………….
…….. let’s elect a corrupt Chicago politician with no executive experience, Marxist/Socialist ideologies, and a third world African dictator mentality that just printing money will solve all problems as the President of the United States.
………….. That should be worth a couple of laughs!
Seven Percent Solution on July 20, 2009 at 4:23 PM
Obama, get out the fucking cab.
LimeyGeek on July 20, 2009 at 4:23 PM
What’s obummer to do with the pesky IG’s and CBO economists?
farright on July 20, 2009 at 4:24 PM
Ya know, those $900 toilet seats are making a whole lot more sense.
Mojave Mark on July 20, 2009 at 4:25 PM
farright, are we related?
faraway on July 20, 2009 at 4:25 PM
My apologies to Paul Simon, but this is “50 Ways to Screw the Taxpayer”
Beaglemom on July 20, 2009 at 4:25 PM
Poor guy. I’m sure you were deceived by a predatory lender.
What was his name again? Bwaney Fwank?
guntotinglibertarian on July 20, 2009 at 4:25 PM
5 10 15 50 or 100 trillion what does it matter
In fact let us spend 100 trillion then we would all be rich
/s
CWforFreedom on July 20, 2009 at 4:25 PM
Bring it on. Let’s just crash the economy and get it over with, once and for all.
No point prolonging the agony.
UltimateBob on July 20, 2009 at 4:25 PM
Apples. Apples. Wanna buy some apples.
faraway on July 20, 2009 at 4:26 PM
Yikes!
cmsinaz on July 20, 2009 at 4:26 PM
While we are at it let us make the minimum wage $100 an hour.
There problem fixed.
/s
CWforFreedom on July 20, 2009 at 4:26 PM
I felt a great disturbance in the Economy, as if millions of wallets suddenly cried out in terror and were suddenly silenced.
I fear something terrible has happened.
Bishop on July 20, 2009 at 4:26 PM
I foresee another IG will soon bite the dust!
lovedinthekeys on July 20, 2009 at 4:26 PM
He’s your brutha from anotha motha.
UltimateBob on July 20, 2009 at 4:27 PM
Not bad — only $77,450.98 per person, due immediately.
aaaaaaaand GO!
Ferris on July 20, 2009 at 4:27 PM
Time to invest in soup kitchens.
Fletch54 on July 20, 2009 at 4:27 PM
I, for one, am very unimpressed by all this. Zimbabwe reached the point of printing $100 trillion bills before their currency went belly up. $23.7 trillion? That wouldn’t have even bought a bicycle in Zimbabwe … if they had bicycles.
progressoverpeace on July 20, 2009 at 4:27 PM
And it all started with Pelosi struttin down to the
well,and asking for,
700 Billion Dollars,
and getting support from the Republican Party,
then,
Nancy stared into the camera,
and blamed Bush,of 8 years of “Failed Bush Policies`!!
(Her words,not mine).
canopfor on July 20, 2009 at 4:27 PM
i just laugh these days. if i didn’t laugh, i’d probably f-cking kill myself.
Ghoul aid on July 20, 2009 at 4:27 PM
Nah… he was just speaking from the right teleprompter The left teleprompter says it will generate 14.9 million … oh. uh. no. roll it back. Rahm? uh… oh, it’s okay. uh. let me be clear. uh. yes we can. uh. Recovery dot uh. Gove. No, I mean gov. Uh. Oh sh**t, Michewe?
Key West Reader on July 20, 2009 at 4:28 PM
That’s what any American with a problem with his finances would do. Bit the bullet. Why doesn’t it make sense for our government to do the same? For the love of God, are their eyes superglued shut?
scalleywag on July 20, 2009 at 4:28 PM
______________________________
Maybe Obama will have the Bureau of Engraving create a 1 billion dollar bill with his face on it?
:-)
cmsinaz on July 20, 2009 at 4:29 PM
Soup Nazi!
/
Key West Reader on July 20, 2009 at 4:29 PM
Let’s turn America into a giant dollar store! Price-cap the nation!
Legalize monopoly money as tender!
Life on the Obama-train is good! Stupid is fun!
LimeyGeek on July 20, 2009 at 4:29 PM
You must laugh a LOT. :)
scalleywag on July 20, 2009 at 4:30 PM
can you say weeble wobble?
cmsinaz on July 20, 2009 at 4:30 PM
Obama, get out the f-cking cab!
LimeyGeek on July 20, 2009 at 4:30 PM
Seriously, the collapse can’t come soon enough. It’s the only thing that will allow us to save us from ourselves
Sugarbuzz on July 20, 2009 at 4:30 PM
Whew…you had me worried, I thought you were talking about a lot of money, not just a piddly two dozen trillion…
right2bright on July 20, 2009 at 4:31 PM
If I didn’t laugh, I’d drive to DC and do something seriously patriotic.
LimeyGeek on July 20, 2009 at 4:31 PM
Key West Reader on July 20, 2009 at 4:31 PM
You know, the president actually can’t spend any money that Congress doesn’t allow him. Congress controls the purse strings and they need to shut them immediately.
rbj on July 20, 2009 at 4:31 PM
Peggy the Moocher’s car must have a realllly big gas tank.
guntotinglibertarian on July 20, 2009 at 4:31 PM
Make this an RNC ad as soon as possible. Scare the American people to death so we can stop this mad man.
ThePrez on July 20, 2009 at 4:31 PM
Folks, we are simply being numbed to this trillion stuff. Trillion here, trillion there, now 23 trillion and the average person (none of those here at HA) is going to be like, “What the hell’s another trillion..go ahead.” It’s mind control, don’t fall for it. We should make these fools kneel, beg and grovel for every last nickel.
ted c on July 20, 2009 at 4:32 PM
Spending money that’s twice the size of the economy to “fix” the economy? Bad days ahead…
modnar on July 20, 2009 at 4:32 PM
Welcome to the United States of Western Zimbabwe.
CP on July 20, 2009 at 4:33 PM
Obama`s Reparation Tour is still ongoing,neverending!!
canopfor on July 20, 2009 at 4:33 PM
Such a nice sentiment. My thought is that their heads are superglued to someone’s (to borrow from Barack) uh. Uh. um. Let me be clear. Uh. Uhm.
Key West Reader on July 20, 2009 at 4:33 PM
Quote of the day
faraway on July 20, 2009 at 4:33 PM
So what’s the problem?
/sarc
UltimateBob on July 20, 2009 at 4:34 PM
This nation will be toast long before we get near that amount of money.
Obama is out of his f’ing mind.
Dave R. on July 20, 2009 at 4:35 PM
Obama`s Abyss!!
canopfor on July 20, 2009 at 4:35 PM
I can’t breathe.
Mommypundit on July 20, 2009 at 4:36 PM
As the crowds in the coliseum go wild voting thumbs up for all the free sh*t they imagine they are getting from someone else.
Once we left the billions behind the numbers no longer have any meaning. The fun really starts after they pass Health care and Cap and trade.
patrick neid on July 20, 2009 at 4:36 PM
Wow, only $23.7 trillion, you call that a recession
/sarc
ted c on July 20, 2009 at 4:36 PM
And that won’t be enough.
Obama like the rest of the Democrats are exactly like heroin addicts, give them a 55 gal. drum of smack, enough for a thousand lifetimes, and they want to know where their next hit is coming from.
Evil never rests.
Speakup on July 20, 2009 at 4:36 PM
After Obozo gets done , no one will be able to fart…..they will only blow smoke rings!
grapeknutz on July 20, 2009 at 4:36 PM
LET THE GOOD TIMES ROLL! IT’S ONLY MONEY!!!!
CynicalOptimist on July 20, 2009 at 4:36 PM
Of course. That’s all part of it.
This way, no one b!tches too much when they hear about Murtha and others scamming us out of millions of dollars. That’s chump change when compared to trillion$.
UltimateBob on July 20, 2009 at 4:38 PM
Maybe OMama Obama should be doing the balancing
of the check book,after all,Michelle is trying,
she makes her dress`s out of drapes!!ahem,hehe.
canopfor on July 20, 2009 at 4:38 PM
The Mad Marxist
faraway on July 20, 2009 at 4:38 PM
Mechanic: Your car is worth $20,000, but it will cost $40,000 to fix it. You only make $5,000 a year, and you are already seriously in debt. When I say fix it, what I really mean is rip the engine out and throw it on that pile over there. You sure you want me to fix it?
Obama: Yeah — fix it.
Ferris on July 20, 2009 at 4:38 PM
A fiscal fisting.
Mike Honcho on July 20, 2009 at 4:38 PM
We could just sell California to China.
Bishop on July 20, 2009 at 4:39 PM
Hey now, you better get some humor on. Along with the Armor. Don’t worry.
Key West Reader on July 20, 2009 at 4:39 PM
Until the past election the word “trillion” was only used for make believe unimagined amounts of money. Now it’s normal?
Cindy Munford on July 20, 2009 at 4:39 PM
0bama says that for every dollar spent in stimulus, you get back about $1.50, so spending $24T will create $36T, right?
Lou Budvis on July 20, 2009 at 4:39 PM
Somebody needs to goatse the Obama “O” logo
LimeyGeek on July 20, 2009 at 4:39 PM
Not to worry. He’ll put Biden in charge of overseeing everything.
What could go wrong?
UltimateBob on July 20, 2009 at 4:39 PM
The visual image is hilarious. If I had time I’d photoshop it.
scalleywag on July 20, 2009 at 4:39 PM
Again, I hear a deafening silence from the trolls.
scalleywag on July 20, 2009 at 4:40 PM
Bing.
Jaibones on July 20, 2009 at 4:40 PM
For everyone’s future reference: quadrillion comes after trillion, and quintillion comes after quadrillion
runner on July 20, 2009 at 4:40 PM
Obama and this entire government is criminally insane and is eating itself alive.
rplat on July 20, 2009 at 4:41 PM
I thought they were tents….
ted c on July 20, 2009 at 4:41 PM
I’m investing in wheel-barrow manufacturing; the kind specially made to haul cash to the grocery store.
[Gonna make a fortune....I've seen this before.......]
BobMbx on July 20, 2009 at 4:41 PM
Suddenly George W is looking like Ebenezer Scrooge on spending.
Cicero43 on July 20, 2009 at 4:41 PM
We could just sell
CaliforniaObama to China.Bishop on July 20, 2009 at 4:39 PM
Jaibones on July 20, 2009 at 4:41 PM
Her derrierre is growing exponetially. Have you noticed? She muss be liking them White House cooks.
Key West Reader on July 20, 2009 at 4:41 PM
Let’s hold our horses here. $1 Trillion is ALREADY
hawksruleva on July 20, 2009 at 4:42 PM
http://picturesandbox.com/browse/free-stock-photos/2295439206/Obama-Goatse-logo-320×240-.html
LimeyGeek on July 20, 2009 at 4:42 PM
drat – $1 Trillion is ALREADY too much money. I’m worried that having this new, super-extra-huge number will help liberals say “but we only spent $15 Trillion.”
hawksruleva on July 20, 2009 at 4:42 PM
The entire planet and everything in it isn’t worth $23 trillion.
Cicero43 on July 20, 2009 at 4:42 PM
Shhhh.. You cannot connect Michewe to Omar the Tent Maker. That would make you raciss.
Key West Reader on July 20, 2009 at 4:42 PM
Worth taking a look… and they were predicting half the potential outlays. And that was just earlier this year.
Patrick Ishmael on July 20, 2009 at 4:43 PM
Introducing the newest from the United States Mint……The Obamillion Dollar Bill
Dr.Cwac.Cwac on July 20, 2009 at 4:43 PM
I wonder if mental health will be covered under Obamacare, I feel like the nation is going insane.
fourdeucer on July 20, 2009 at 4:43 PM
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