Increased housing commitments swelled U.S. taxpayers’ total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government’s pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.
Increased guarantees for loans backed by the Federal Housing Administration, the Government National Mortgage Association and the Veterans administration increased the government’s commitments by $512.4 billion alone in the year to June 30, according to the report.
The Wisconsin Budget Project (“An Initiative of the Wisconsin Council on Children & Families“).
The Wisconsin Budget Project is a WCCF initiative engaged in analysis and education on the state budget and tax issues, particularly those relating to low and moderate income families. The budget project seeks to broaden the debate on budget and tax policy through public education and the encouragement of civic engagement on these issues.
Quick Facts about the Wisconsin Budget:
- Based on the most recent national data (from 2007), Wisconsin ranked 29th in total state and local spending (measured as a percentage of income).
- Contrary to the perception that our state has a large government bureaucracy, Wisconsin ranked 44th (7th lowest) in 2008 in the number of state employees relative to population, and 41st (10th lowest) in total state and local government employees relative to population.
Clusty Search: Wisconsin Budget Project & WISTAX (Wisconsin Taxpayer’s Alliance).
Setting a great example for our political class, British Prime Minister David Cameron flew commercial on a recent trip to the United States. Congressional use of military jets continues to be controversial (to his credit, US Senator Russ Feingold can often be seen flying commercial).