Collapse of US housing bubble cost more than $24.5T
The cumulative cost of the collapse through the 2024 budget horizon, measured as a gap between projected output in 2008 and the most recent projections, is now $24.6 trillion, as shown below. This is equal to $80,000 for every person in the United States.
Horrors! We better cut unemployment insurance and SNAP and pensions and fire more teachers and reduce taxes on the 1%!!!11
Cheers,
Scott.