[Update: New bailout text is here. Spending under the new language is likely to be roughly the same. See discussion here.]
The text of bailout legislation that might pass through Congress this coming week is circulating on the blogs (and reliable sources too . . .). I’ve taken it and done a little analysis, [...]
Reports have it that the U.S. federal government might spend $1 trillion bailing out financial services firms. That’s about $7,750 per U.S. family, or $2,500 per person.
That’s a net present value calculation – the amount of money you would have to put in an interest bearing account today to cover all future expenses. Running [...]
The Congressional Budget Office came out with a new Budget and Economic Outlook the other day. It doesn’t look good, people.
[T]he deficit for 2008 will be substantially higher than it was in 2007, rising from $161 billion last year to $407 billion this year. Furthermore, CBO’s projections indicate that if current laws and policies [...]