Disasterous Deficits!
Posted By Staff Reporter on February 28, 2009
There’s no way that Congress can go along with the Obama $1,750,000,000,000.00 proposed budget for next year. That’s insanity on top of insanity. One point seven five TRILLION? Where in the world do we think all of this ends, not to mention WHEN? Just because the budget is called “New Era of Responsibility” surely is misleading advertising.
Before you go crying PARTISAN let me say that I didn’t vote Republican, nor Democrat. I voted for the Libertarian.
But the 2009 budget is the GOOD NEWS. Since Congress doesn’t READ the bills that they sign, let me refer my readers to page 114 in the budget where we find that the projected 2010 budget of $3.552,000,000,000.00 trillion can be found. Somebody WAKE UP and smell the Starbucks before they go bankrupt!
An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country’s finances as Obama unveiled his first budget. That is the highest ever in dollar terms, and amounts to a 12.3 percent share of the economy — the largest since 1945. And we have not a clue as to what this is going to do to the world let alone America. At some point the rest of the world is going to refuse to BUY our worth-less-n-less US$.
Treasuries fell for a third day as the government sold $22 billion of seven-year notes in the last of three auctions this week as it issues an unprecedented amount of debt to spur the U.S. economy. Declines were led by 10- and 30-year securities. “This mountain of supply isn’t going to go away any time soon,” said Kevin Flanagan, a Purchase, New York-based fixed- income strategist for Morgan Stanley’s individual-investor clients. “If Obama or Congress cannot offset some of the spending with tax increases, or in cutting back on other spending, then the difference has to be made up with Treasury issuance.”
And at some point America will be declared officially bankrupt!
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