Wednesday, December 9, 2009
U.S. Deficit Worse than Last Year
In George Bush's last year, he managed to created the largest deficit in United States history. Last fiscal year, Obama shattered that record by tripling that deficit to 1.4 trillion dollars. And here we are, after two months, and the deficit is on pace to top that. In October and November, the federal government had a $292 billion fiscal shortfall.
Does anyone think that we can keep running these deficits without any consequences?
I am certain that if we don't change our monetary and fiscal policy that the U.S. (okay, the Federal Reserve dollar) will be devalued and millions of Americans will see their savings and assets wiped out.
If you don;'t think it's possible, just look at what the federal government has done in the last two years. First, Bush created a $150 Billion bust-of-a stimulus package in 2008, followed by the $700+ billion Wall Street-theft known as TARP (the Bailout), then Obama scared the masses to pass his $787 billion stimulus failure and we saw GM, Chrysler, Citigroup and other unless companies receive billions of dollars in bailout. Congress also managed to pass a $400 billion Omnibus spending package, while President Obama touted the cash for clunkers program and the first-time home owner tax credit.
And now....yes, there's more....Obama is introducing a second stimulus package.