$1 trillion dollars deficit.... $1 trillion dollars!!!!
This is an unconscionable amount of money. The amount of money being spent in Washington is so beyond the pale, has reached such levels of absurdity that we are all now actively being forced to add wholly new words to our collective vocabularies. Who could have imagined that we would spend so much money that we would go more than $1 trillion dollars in the hole.
And if that number isn't scary enough, by every estimate, it will hit $1.8 trillion by the end of the fiscal year.
I'm sick and tired of hearing the excuses: "Well, we need investment".... If investment is needed, then figure out how to do it under the framework of the current budget.
"But the Bush administration spent allot of money too" Are you kidding me? This is a reason to spend more? If my wife spends too much money on her credit card, the solution is not for me to go out and spend more. This isn't supposed to be some kind of perverted race to see who can max their credit cards first.
For a White House that works so hard to convince everyone that they are smarter than the previous one, their spending is way out of control. And it's going to have huge repercussions. As we continue to borrow money from the Chinese, our collective interest rates are going to increase. This is going to be a killer for any kind of economic recovery. So much for the big bounce from the stimulus. Additionally, as massive sums of money are put into circulation, the value of the dollar will go down, and we will see massive inflation.
For an administration that likes to tour their understanding of history, they clearly have not learned the lessons taught during the Carter administration. During those years, we saw double-digit inflation, double-digit unemployment, along with double-digit mortgage rates.
If this administration continues to spend money at this rate, they might as well say goodbye to any hope of health-care reform, or cap and trade. Both will be defeated as being too damned expensive.
And if things continue down that same path that the Carter administration blazoned, then we will all be forced to ressurect yet another word into our collective vocabularies: Stagflation.