The Massive Federal Credit Racket
Americans collectively shoulder more than $18 trillion in debt exposure from loans, loan guarantees, and subsidized insurance provided by some 150 federal programs. There is sparse oversight of the government’s massive credit subsidies and their detrimental effects on the economy and America’s entrepreneurial spirit. Federal credit ballooned amid the 2008 financial crisis, and higher levels of subsidies persist despite the end of the recession in June 2009. With some government loans extending 40 years, the ever-growing burden of federal credit will encumber generations of taxpayers to come. Well-intentioned or otherwise, there is abundant evidence that government financing produces more harm than benefit for the nation.