Monday, March 02, 2009
Irwin Stelzer is a business adviser and director of economic policy studies at the Hudson Institute.
Over the weekend, he posted Big spender Obama sets the red ink flowing in London:
"What is responsible about a budget that projects deficits rising from $459 billion to $1,752 billion in the first year of Obama’s budget, and remaining at $712 billion as far ahead as 2019, when the economy will be growing, is not clear."
What's responsible about it? Nothing, unless you are a "yes we can" screamer!
By the way, Pres BO's budget assumes that everybody will buy a lot of our T-Bills.
They will buy them. I am sure that they will.
However, they will demand higher interest rates, which will mean inflation over here.