And This Time We Didn't Even Get New Orleans!
How big is the $8.5 trillion bailout? According to James Bianco of the Chicago-based analysis firm Bianco Research, when you adjust previous mammoth Washington expenditures for inflation, the 2008 bailout dwarfs them all. Combined.
• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billionTOTAL: $3.92 trillion
Hat tip: Fred Unger.
UPDATE/EXPLAINER: Re: this comment, by quoting Bianco's numbers I am not claiming that each one of them is accurate. Also, if you follow that first link, you will get to this Nov. 30 chart, which breaks down the $8.5 trillion by "maximum commitment" and "tapped so far." A further, link-rich breakdown of the bailout so far can be found over at the Reason Foundation's Out of Control blog.
