One thousand words, meet picture:

And according to the article, we may dip even below all other estimates.

The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

Neither the Congressional Budget Office nor the White House estimated those kind of numbers.  As I’ve said before, complain all you want about how Republicans overspent (and I did), Obama and the Democrats make Bush and the Republicans look like amateurs.  Nobody who complained during the Bush administration should be shouting for joy at all this new government spending on new government programs.  But most Democrats are.

Oh, by the way, this is not counting the Obamacare bill.

That has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

Look your children and grandchildren in the eye and tell them this is for their own good.

Filed under: DougEconomics & TaxesGovernment

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