Bush's legacy to Obama:
New Debt: $27,000,000,000,000 ($2.7 trillion USD)
TARP $700 billion
Bear Stearns $29 billion
Detroit Big Three $25 billion
AIG $123 billion
Fannie and Freddie $200 billion
Mortgage-backed secs. $144 billion
FHA Rescue bill $300 billion
JPM for Lehman $87 billion
Fed’s TAF program $200 billion
Commercial paper $50 billion
Fed currency swaps $740 billion
Total: $2.7 trillion
Total US historic debt is $11.3 trillion.
World military spending is just short of $1 trillion every year.
Trillion is a seductive number. It trills off the lips. I am old enough to remember the day when a million seemed a big number.
Debt is essentially putting the future, and future generations in hock for what we cannot get it together to pay for today. The only thing that can put that financial debt in the shade is the incalculable ecological debt that our burning of fossil fuels is creating.