Learning Something New Every Day

March 29th, 2010at 07:21am Posted by Eli

Hey, did you know that before TARP the government controlled 0% of the American economy, and now it controls 51%?  It’s true!  Michele Bachmann told me so!

“[N]ow we have the federal government taking over ownership or control of 51 percent of the American economy. This is stunning. Prior to September of 2008, 100 percent of the private economy was private.”

Ms. Bachmann offered no facts to back up her assertion that the government owns or controls 51 percent of the U.S. economy.

According to the Bureau of Economic Analysis data since 1929, the highest percentage of government spending as a percentage of Gross Domestic Product was during World War II when government spending was 47.9 percent (in 1944). The lowest level of government spending as a percent of GDP was 9 percent in 1929 at the outset of the Great Depression.

At no time during this period was the United States’ GDP 100 percent private.

The 2009 level of federal government spending was 20.6 percent.

For more information from the Bureau of Economic Analysis, click here.

“Today the federal government has taken either direct ownership or control of banks, the largest insurance company in the United States, A.I.G., Freddie [Mac] and Fannie [Mae],” Bachmann continued, still offering no sources for her statistics. “The federal government owns over 50 percent of all home mortgages and now the direct student loan industry.”

Language was added to the health care bill that Mr. Obama signed into law last week that changed the student loan industry.

“Chrysler, GM,” she continued. “With the health care industry that’s an additional 18 percent of the private economy which means government would be making decisions over our lives from cradle to the grave.”

So I guess she’s saying that any company the government aids or bails out can be considered under government control or ownership?  Hey, if she wants to oppose corporate welfare, I’m all for it.  Although to be honest, I’m not entirely sure how the government is taking over the healthcare industry by throwing millions of customers at it.

Entry Filed under: Economy,Politics,Republicans,Wankers

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