16 Sep 2005 Katrina Bailout: $200 Billion in Perspective
The National Center’s Ryan Balis says:
213 Republicans already approved, and President Bush signed into law, a $51.8 billion hurricane “response” package. Now the President is proclaiming the American taxpayer should fund what could top $200 billion as an installment payment on an FDR-style laundry list of government ‘visionary’ creations.
Let’s pause for a moment and reflect upon this fact: $200 billion is roughly ten percent of Britain’s GDP in 2004.
I recall that the original Louisiana Purchase cost $15 million. According to the Inflation Calculator, after adjusting for inflation, that $15 million would be nearly $193 million today — still a good bit less than $200 billion.
Was Thomas Jefferson simply a better negotiator than George Bush? Or is our nation being a tad less careful with its tax revenues these days?