Total Bailout Bill: $12.8 Trillion

Every so often, Bloomberg likes to run the numbers on the total cost of the economic recovery. Back in February, the total bill stood at $9.7 trillion. But that wasn’t anything.

The new tab: $12.8 trillion, which as Bloomberg notes is basically the size of the entire economy. We’re spending everything we’ve produced in the last year to try to get things back on track.

Now if, perhaps, you have a hard time conceptualizing $12.8 trillion, you can think about it in two ways. One is that picture on the right, which is an image of what a man would look like standing next to a pile of $1 trillion worth of $100s. Picture that 12.8 times.

Or remember that $1 trillion is about what the US collects in taxes in a year. So to pay for this recovery, the government would have to raise our taxes nearly 13x. Either that or pass it onto future generations.

Here’s the full itemized receipt. It looks like gratuity hasn’t been included.

                                  --- Amounts (Billions)---<br />                                   Limit          Current<br />===========================================================<br />Total                            $12,798.14     $4,169.71<br />-----------------------------------------------------------<br /> Federal Reserve Total            $7,765.64     $1,678.71<br />  Primary Credit Discount           $110.74        $61.31<br />  Secondary Credit                    $0.19         $1.00<br />  Primary dealer and others         $147.00        $20.18<br />  ABCP Liquidity                    $152.11         $6.85<br />  AIG Credit                         $60.00        $43.19<br />  Net Portfolio CP Funding        $1,800.00       $241.31<br />  Maiden Lane (Bear Stearns)         $29.50        $28.82<br />  Maiden Lane II  (AIG)              $22.50        $18.54<br />  Maiden Lane III (AIG)              $30.00        $24.04<br />  Term Securities Lending           $250.00        $88.55<br />  Term Auction Facility             $900.00       $468.59<br />  Securities lending overnight       $10.00         $4.41<br />  Term Asset-Backed Loan Facility   $900.00         $4.71<br />  Currency Swaps/Other Assets       $606.00       $377.87<br />  MMIFF                             $540.00         $0.00<br />  GSE Debt Purchases                $600.00        $50.39<br />  GSE Mortgage-Backed Securities  $1,000.00       $236.16<br />  Citigroup Bailout Fed Portion     $220.40         $0.00<br />  Bank of America Bailout            $87.20         $0.00<br />  Commitment to Buy Treasuries      $300.00         $7.50<br />-----------------------------------------------------------<br />  FDIC Total                      $2,038.50       $357.50<br />   Public-Private Investment*       $500.00          0.00<br />   FDIC Liquidity Guarantees      $1,400.00       $316.50<br />   GE                               $126.00        $41.00<br />   Citigroup Bailout FDIC            $10.00         $0.00<br />   Bank of America Bailout FDIC       $2.50         $0.00<br />-----------------------------------------------------------<br /> Treasury Total                   $2,694.00     $1,833.50<br />  TARP                              $700.00       $599.50<br />  Tax Break for Banks                $29.00        $29.00<br />  Stimulus Package (Bush)           $168.00       $168.00<br />  Stimulus II (Obama)               $787.00       $787.00<br />  Treasury Exchange Stabilization    $50.00        $50.00<br />  Student Loan Purchases             $60.00         $0.00<br />  Support for Fannie/Freddie        $400.00       $200.00<br />  Line of Credit for FDIC*          $500.00         $0.00<br />-----------------------------------------------------------<br />HUD Total                           $300.00       $300.00<br />  Hope for Homeowners FHA           $300.00       $300.00<br />

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