The Troubled Asset Relief Program has been estimated to include $23.7 Trillion in possible total future obligations.  These numbers have been reported by the independent inspector general who was appointed to oversee the TARP, Neal Barofsky.  Barofsky claims that he has made numerous suggestions to the United States Treasury regarding how the bailouts should be handled and audited.  So far he has been largely ignored.  Most likely because Geithner, Paulson, Bernanke, and the rest of them want no oversight.  They know exactly what they are doing, and we are being kept in the dark.  The Treasury even refuses to ask each bank how they have used the money! 

Now, let me explain the $23.7 Trillion number.  It is basically the worst case scenario.  It is the total future obligations of the federal government if every receiving party continues to enact every measure they possibly could under the program.  This will most likely not happen.  However, what this does mean is that the government will be paying out much more than what was originally sold to the American people.  Just like the stimulus package, the possible future obligations of the program were not really included in the initial price tag.  The stimulus package, for example, financially supported many new and existing government programs.  These programs will be unsustainable in the years to come if the government does not continue to fund them.  Short term job creation by the government means nothing if it all goes away after one year. 

We are getting ourselves into a huge financial mess right now.  The government already has $53 Trillion of unfunded future obligations for Medicare and Social Security.  There is literally no way that our country can survive this if something extremely drastic isn’t done right away.  Unfortunately with the crop of our current politicians, it seems that we will be adding to this number significantly instead of reducing it.  Do whatever you can to prepare your family for the economic tsunami ahead.  We are witnessing the end of America.

Filed under: Nation

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