When I was running for Congress, I wanted to supply every student K-12 with a laptop. Besides saving tons of money on obsolete dead tree based textbooks, dead tree testing and dead tree term papers- we would also be raising a generation of technologically prepared workers.
But, I was worried about the price tag: about $10 billion- or 2/5 of what the Big 3 automakers will be asking for later today as a “bridge loan.” (Maybe it should be a bridge to nowhere loan?).
From the Dayton Business Journal- the new estimates of all that cash to bail out the fallout from an unregulated financial system is now coming in at a mere $8.5 TRILLION.
Federal bailouts, equity buys into banks and investment houses, liquidity infusions by the U.S. Federal Reserve Bank, loan guarantees and economic stimulus checks now total $8.5 trillion, according to various estimates.
That equates to about 60 percent of U.S. gross domestic product, which will come in around $14 trillion, according to economists.
The $8.5 trillion total in bailouts is nearly twice the size of annual GDP in Japan and accounts for more than the annual GDP of every national economy except the U.S., European Union and China, according to federal data.
The $8.5 trillion includes the $700 billion bank and Wall Street bailout; federal takeovers of Fannie Mae and Freddie Mac; individualized bailouts for Citigroup and American International Group; and various cash infusions into financial and lending markets by the Fed. The $700 billion includes federal equity buys into Bank of America Corp., JP Morgan Chase & Co., Goldman Sachs Group Inc. and other financial institutions.
Just remember, this was the country that couldn’t afford national health care either.
At some point, someone needs to reel in the out-of-control disaster control spending and look at what real long term investing strategy should be.
Laptops for students should be at the top of the list.