Answer: $23.7 trillion
Neil Barofsky, the Special Inspector General of the Troubled Asset Relief Program filed an official SIG TARP report in July 2009 projecting the government’s “Total Potential Support Related to Crisis” at an astounding $23.7 trillion.
Barofsky’s report was immediately criticized as being misleading in its characterizations, prompting him to respond on May 12, 2014 to one of the chief critics, Tim Geithner, who was Secretary of the Treasury during the crisis years.
The SIG TARP report did not say that the government might “lose” $23.7 trillion, as critics claimed.
Barofsky: “What the report actually ascribes to that number (at page 138) is the “Total Potential Support Related To Crisis” (and not potential losses) of the myriad pledges of support to the financial system from an alphabet soup of agencies and programs. The numbers underlying that estimate, of course, were provided to us by Treasury and other governmental agencies, the report was vetted with Treasury before it was issued, and the report makes clear in a series of caveats that it was not an estimate of actual potential losses.
Again, the U.S. government’s “Total Potential Support Related to the Crisis” weighed in at $23.7 trillion.
The effects of that “support” for main street America have been marginal, with the best of it short-lived.
The Leviticus 25 Plan provides for a Citizens Credit Facility to serve as the conduit for direct liquidity access by U.S. citizens – the same quality of access that was granted to Wall Street financial heavyweights during the crisis.
The Leviticus 25 Plan would provide for massive debt elimination and restore financial health at ground level in America. Money would still flow into the banking system – after first passing through the hands of U.S. citizens and the millions of small businesses in main street America.
The Leviticus 25 Plan would re-ignite real economic growth and put America on track for substantial budget surpluses. It would drastically scale back government control over the daily affairs of citizens. It would restore basic social freedoms and economic liberty for all.
Question: What would be the U.S. government’s “Total Potential Support Related to The Leviticus 25 Plan?”
Answer: $16.8 trillion – all of which would get ‘repaid’ to the government over a 10-15 year period.
It is time for an economic recovery plan that grants access to liquidity for all Americans, not just Wall Street and the wealthy ‘elite.’
The Leviticus 25 Plan 2015 – $70,000 per U.S. citizen The Leviticus 25 Plan 2015 (842)