US has now pledged $12.8 trillion, nearly equaling entire US GDP

[The Master]

The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

(Excerpt) Read more at Bloomberg ...

[The Master]

This is a scary thing people. What is scarier is the spending is not done. This is why other countries are starting to be wary of buying our debt and have no faith in the US dollar anymore.

Whether you believe conspiracy theories or not, we all should think about why this new Administration would knowingly put us in this position. In 2+ months, Obama's administration has tripled our deficit. The spending isn't near over and without our consent, we now each owe over $42,000. And your children do.

Ladies and gentlemen, we are on the brink. The question is, the brink of what? None of the options are good ones.....

[cavymeister]

So, my family now owes the government more then my house is worth....

Pretty scary.