Retirement Nightmare: Feds Spending $4.28 Trillion of Taxpayer Money on Bailout

CNBC has added up all of the promises the corrupt parasites in Congress have made to their banker buddies on Wall Street and come up with a figure: $4.28 trillion! That is, CNBC says, approximately $4.2 trillion more than the U.S. spent fighting World War II, even adjusting for inflation.

Try $4.28 trillion dollars. That’s $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources*.

Not only is it a astronomical amount of money, its’ a complicated cocktail of budgeted dollars, actual spending, guarantees, loans, swaps and other market mechanisms by the Federal Reserve, the Treasury and other offices of government taken over roughly the last year, based on government data and new releases. Strictly speaking, not every cent is directed a result of what’s called the financial crisis, but it arguably related to it.

Some 68-percent of the sum falls under the Federal Reserve’s umbrella, while another 16 percent is the under the Treasury Asset Relief Program, TARP, as defined under the Emergency Economic Stabilization Act, signed into law in early October. (The TARP alone is bigger than virtually any other US government endeavor dating back to the Louisiana Purchase. See slideshow.)

And here’s the REALLY bad news: This is what an allegedly conservative Republican administration has presided over.

When Barrack Obama and a possibly filibuster-proof majority of Democrats in both houses of Congress take over in January, the spending is going to go berserk. With Obama promising tax cuts for “95% of the American people”… with his ambitious program of free universal health care… with expanded Social Security and Medicare benefits… with current government pension and Social Security liabilities of some $56 trillion… it’s going to be a very EXPENSIVE four years.

No wonder so many early retirees are heading for the hills — or, more properly speaking, Caribbean tax havens where they can legally run their international consulting businesses free of Uncle Sam’s confiscatory taxes.

(It’s also little wonder that Congressional parasites like Rep. Carl Levin (D, natch!) are now promising a new campaign against expats and other free people who don’t allow the Feds to pick their pockets without a fight but use every legal strategy in the book. They are trying to close the loophole that allows Americans to earn up to $85,000 tax-free when living outside of the United States.)