Friday, April 10, 2009
A Budget Deficit of $192.3 Billion
And that's just for the month of March. That adds up to a yearly budget deficit of $2,307,600,000,000. Or, $2.3 Trillion for those who aren't used to seeing numbers that large. For people who scoff at the notion that there's no way we can EVER pay our debt back, this is why. As soon as China and Japan, et al, stop buying our treasury bonds - and they will - we will have to print up money to pay for this debt and all future borrowing. And when you print up that much money ($78 Trillion including future expenditures, as I blogged about here), you're not gonna have a currency worth anything and that is when the real suffering begins, my friends. And if you think the spending is all just temporary until the bailouts are paid and the economy rebounds, there's a coming credit card crisis and, the mother of all busts, commercial real estate. This will not end until our economic and social fabric is completely torn to shreds.