Fifty-one percent of the private economy is today owned or controlled by the federal government. Before September of 2008 and for all the previous history of this country, one hundred percent of our economy has been private as America. But since September 2008 with the
TARP bailout, that was under
George W. Bush, that was $700,000,000,000; from that point forward we watched government take over one industry after another. We purchased, the government, purchased large banks, the largest insurance company in the United States, AIG,
Freddie and
Fannie, the secondary mortgage market, which means the United States government now owns over fifty percent of all private home mortgages. We still own
Chrysler and
GM the largest car companies. We own the
student loan industry and now we control the health sector which is another eighteen percent of the economy. You add all that up,
51 percent of the economy is now owned or controlled by the federal government.
Minnesota Congresswoman Michele Bachmann on 97.1 FM Talk on 3/29/2010.
I would tend to agree with you but now however the government is selling out to China. This happened in the 80s when Japan owned quite a bit of "Corporate America". We are no longer a "free enterprise" economy, it is a "corporate" economy and unfortunately this is a path that only leads to corruption (as if we don't have enough) and bankruptcy.
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