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Via Backyard Conservative, the new deficit estimates.
Anne says this is worse, but it doesn't look worse than what came out early last spring.
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3 comments:
It's going to be over 2 trillion this year due to FDIC being broke and more tax revenue losses. The thing I don't understand is why they expect the deficit to be lower next year. The tax base should continue to fall until they clean up the mess with the banks and there will be a second stimulus.
And add to that the additional funds needed to pay back Social Security and medicare now that they are in the red and dipping into their "reserves".
The "surplus" in 2000 is a fantasy too. Just a political move to make the Clinton legacy look good for Al Gore's campaign. In truth, the federal debt grew every year. There was no surplus.
Deficit spending is inherently inflationary. Say bye bye to the dollar!
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