That is how much Obama and Co have spent or pledged:
The U.S. government and the Federal Reserve have spent, lent or committed $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.
What is really wrong with this picture is that we don’t have that kind of money to spend – and we don’t have the ability to borrow that kind of money. This means we’re either going to print ourselves into hyper-inflation, or we going to be cooking the books in a manner which will make Enron look honest by comparison. Whomever takes over from Obama – be it in 2013 or 2017 – is likely to find that we’re awash in a sea of bogus money. Counterfeiters are actually ending up more honest than the government – at least the counterfeit money exists: Obamunisms dollars will be as mythical as Obama’s pledge for open and honest government.
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