Council for a Livable World

Political action to reduce nuclear threats

  • Elections
    • Senate Candidates
    • House Candidates
    • Political News and Notes
    • Political Analysis
    • Who We’ve Helped Elect
  • Legislation
    • Key National Security Legislation
    • National Security Legislative Calendar
    • Legislative Analysis
    • Legislative Achievements
  • Take Action
    • Issues
    • Join Our Email List
    • Become a Member
  • About
    • Staff
    • Press
    • Newsletter
    • Boards & Experts
    • Jobs & Internships
    • Financials and Annual Reports
    • Contact Us
  • Donate
  • Search
You are here: Home / Blog / Putting the financial bailout package in perspective

October 7, 2008

Putting the financial bailout package in perspective

The recently passed financial bailout package has drawn the ire of citizens throughout the United States. Both conservatives and liberals have condemned Congress and the White House for rescuing Wall Street titans, who caused the economic death spiral in the first place, by transferring an enormous fiscal burden to middle- and working-class taxpayers. At a time when people are losing their homes and struggling to make ends meet, many Americans find the bailout’s $700 billion price tag to be simply outrageous.

What many Americans may not realize is that the United States is likely to spend $711 billion on national defense in the fiscal year that began on October 1, 2008 (assuming fiscal year 2009 war costs are $170 billion, an estimate provided by Secretary of Defense Robert Gates). You read that correctly: the United States will spend more on defense over the next 365 days than on the $700 bailout package.

This graph compares estimated U.S. defense spending in fiscal year (FY) 2009 to the bailout, previous U.S. conflicts, and other federal spending priorities. Click on it to see the full-size version.

Posted in: Blog

Tweets by Livable World

Recent Posts

  • ‘Increases the risk of nuclear escalation’: statement on the NDAA committee approval June 23, 2022
  • Council: Front and Center: June 18, 2022 June 18, 2022
  • Top 11 critical races June 15, 2022
  • House Elections: Democratic and Republican Target Seats June 14, 2022
  • Council: Front and Center: May 21, 2022 May 21, 2022
Council for a Livable World logo

820 1st Street NE, Suite LL-180
Washington, D.C. 20002
Phone: 202.543.4100

Elections

  • Meet The Candidates
  • 2020 Senate Candidates
  • 2020 House Candidates
  • Who We’ve Helped Elect

Legislation

  • Key National Security Legislation
  • National Security Legislative Calendar
  • Legislative Achievements

Take Action

  • Issues
  • Join Our Email List
  • Become a Member

About

  • History & Mission
  • Staff
  • Press
  • Newsletter
  • Boards & Experts
  • Jobs & Internships
  • Financials and Annual Reports
  • Contact Us
  • Center for Arms Control and Non-Proliferation
  • Twitter
  • YouTube
  • Instagram
  • Facebook

© 2022 Council for a Livable World
Privacy Policy