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Americans can still boast that their nation’s economy is the strongest in the world. However, the strain on the financial system is sending half a million more workers each month to the unemployment lines. At that rate, by the last quarter of 2009 (if not before), perhaps one out of every 10 members of the workforce will be out of a job.
Even before this latest “stimulus” bill, how much money had the U.S. already committed to the bailout, in the hope of preventing total collapse of the economies of the U.S. and its financial partners?
| Recipient |
Dollars |
| Last
spring’s Bush stimulus
package |
152 billion |
| Troubled
Asset Relief Program
(TARP) |
700 billion |
| Fannie
Mae and Freddie
Mac |
200 billion |
| Automobile
Industry |
42 billion |
| Bear
Stearns |
29 billion |
| AIG |
150 billion |
| Citigroup |
350 billion |
| Federal
Housing Administration
|
300 billion |
| J.P. Morgan Chase
|
87 billion |
| Loans
to banks under TAF Auction Facility
|
200 billion |
| Money Market Mutual Funds
|
50 billion |
| Various Credit Markets
|
500 billion |
|
|
| Banks in: Canada, U.K.,
Norway, Australia, Japan, |
|
| Sweden, Denmark, Switzerland,
E.U., Brazil, |
|
| Mexico,
South Korea and Singapore
|
740 billion |
| Fed
purchases of asset-backed securities
|
500 billion |
|
|
| Subtotal of expenditures
committed to
date |
4 trillion |
|
|
| Other Federal guarantees now
in
place |
5+ trillion? |
|
|
| Grand total estimated to
exceed |
9+ trillion |
| (Source: Money
and Markets, 2/16/09) |
|
|
| |
|
|
|
Yet, despite all the bailout and “stimulus” money that has been approved, the ailing economy continues to grow sicker by the week, as corporate earnings reports sink deeper in red ink.
Will more cash be thrown at the problem? And where will the U.S. government find all this money? Even in the best-case scenario, the national debt will grow ever larger, as Uncle Sam, hat in hand, begs investors to trust that America will be able to honor its Treasury bills and bonds. Will the government count on devalued currency to ease the pain of debt—a favorite ploy of broke sovereign nations? One way or another, Washington will need to reach deeper into the pockets of the dwindling number of U.S. citizens still blessed to be employed!
In Genesis 47:14-25, we read of Joseph’s role in saving Egypt, through which the entire nation ended up owned by the king. “Then Joseph said to the people, ‘Indeed I have bought you and your land this day for Pharaoh. Look, here is seed for you, and you shall sow the land. And it shall come to pass in the harvest that you shall give one-fifth to Pharaoh. Four-fifths shall be your own, as seed for the field and for your food, for those of your households and as food for your little ones’” (Genesis 47:23-24).
Now, as then, people who find themselves in debt, are working for others to pay off their financial obligations. “The rich rules over the poor and the borrower is servant to the lender. He who sows iniquity will reap sorrow, and the rod of his anger [the power to control others] will fail (Proverbs 22:7-8).
Under so much crushing debt, even America’s military strength will soon be broken! Who will pay and equip the armed forces when Washington runs out of money? Though many do not realize it, Scripture reveals what will happen to the U.S. and its allies at the end of this age. To find out, read our free booklet, The United States and Great Britain in Prophecy. God’s word will give you insights even today’s top economists do not have.
See Also:
Is there a solution to the health care crisis?
Worthquake Rocks California
Hunger Stalks the Planet
The Indian Sub-Continent: On the Edge of Chaos
Swine Flu and You!
America No Longer a Christian Nation? But Was It Ever?
Australia, Way Down Under!
The Death and Resurrection of the European Union?
Another War America Won’t Win
U.S. Bailout: Too Little, Too Late?
Australians mourn as fire death count rises
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