By Bonnie Erbe, Thomas Jefferson Street blog.
Hyperinflation, here we come:
WASHINGTON, April 10 (Reuters) - The United States posted a record $956.8 billion budget deficit for the first half of fiscal 2009, more than triple the year-ago shortfall, as spending on financial and economic rescue programs ramped up, the Treasury Department said on Friday.
For March, the government recorded a deficit of $192.27 billion, a record for the month and nearly four times the year-ago gap of $48.21 billion.
I've been warning about the prospect of hyperinflation ever since the Bush administration spent wantonly on the wars in Iraq and Afghanistan, and pushed tax cuts through Congress simultaneously. The Obama administration is now dwarfing Bush's ridiculous amount of federal spending, and we will soon have to pay more not just in taxes, but for all manner of consumer goods and real estate as a result.
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By Bonnie Erbe