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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.That equals about 60 percent of the U.S. gross domestic product, according to economists.
The $8.5 trillion total is nearly twice the size of annual GDP in Japan and accounts for more than the annual GDP of every national economy except the United States, the European Union and China, according to federal data.
The number of Americans filing first-time claims for unemployment insurance last week rose to a 26-year high, indicating employers are stepping up job cuts as the recession deepens.
Last edited by NEPatriot; 12-24-2008 at 08:57 PM..
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