Most red ink ever: $9 trillion over next decade
By JIM KUHNHENN, Associated Press Writer
Tuesday, August 25, 2009
(08-25) 21:30 PDT WASHINGTON (AP) —
In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America’s founding. And it says by the next decade’s end the national debt will equal three-quarters of the entire U.S. economy. More…
As far back as the 80s, the so-called conservatives were suprred by the ideas of George Gilder in “Wealth And Poverty” that the amount of money in circulation was not important, since inflation merely represented an economy that was “bottled up” because technology was greater than the amount of money needed to fule its effective use.
This was obviously used by the government crowd to say “It doesn’t matter how much mioney in circulation, or how much debt. Just cut taxes and let the economy expand to fuel growth”.
Of course Gilder had warned that government would have to cut its expenses, not expand them. George w, the new poster boy for big government spending, crashed the system by ignoring common sense.
Get ready for a ride on the inflation train!
The Reason E.C. Riegel wrote the book “Flight from Inflation” was because he saw this inflation coming and wanted to warn us. The book has taught those of us who have read his writings what to do. His books are on Tom Greco’s web site. We have been warned.