Treasury Department Says Corporate Bailouts In Recession To Turn A Profit For Taxpayers
Washington, D.C. -
The US Treasury Department released reports that show the bailouts given to corporate America, including the financial sector, automotive, and mortgage industry will turn a profit for taxpayers by 2022 of up to $163 billion.
The predictions were sketched out in new Treasury data released Friday, included in a series of charts highlighting the positive impact of the response to the financial crisis by the Bush and Obama administrations.
Obama officials have been cautious to claim that much profit saying only that a "profit will be made" without giving an insight as to how much. The administration did say that the bailouts have proven to have helped American's though they admit some have not felt the help. Democratic Political strategists say that without the bailouts, the recession would have been much worse driving even more American's into the streets.
Republicans have argued the bailouts did not help and that the nation would have recovered faster without the federal government stepping in, but have been close lip about the profits coming to Taxpayers.