US to borrow 46 cents for every dollar spent

yahoo ^ | 5/11/2009 | ap

[Nachum]

WASHINGTON – The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates. Budget office figures released Monday would add $89 billion to the 2009 red ink — increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.

[Hoosier-Daddy]

Wow! Buh-bye US!

[Nachum]

The list, ping

[thefactor]

just print more.

[ltc8k6]

http://www.powerlineblog.com/archives/2009/05/023539.php

We are actually doing worse so far than Obama claimed we would be doing without the stimulus...

[dr_lew]

Clearly, this budget is DOA. It’s just not gonna happen. Of course, it won’t be pretty, but we’re not gonna borrow 46 cents on the dollar that we’re not gonna spend, because nobody’s gonna lend it to us.

[Deagle]

Damn... I am feeling very sad for my country that it has gone this far into bankruptcy! I can expect major inflation within a year (with no recourse - fixed income). Thank you for all your criminal and unconstitutional acts you stupid Democrats!!

[Minn]

It's increasingly obvious that Obama really is intent on burning the whole country down. Nobody is dim enough to actually believe there are any economic principles at work here. It's all about making sure there is never any going back. Leftists don't doubt the effectiveness of capitalism and liberty. They just resent the fact that that the world works better without their guidance, and commit vandalism out of spite.

Have any poor people benefited by being given mortgages ACORN acquired for them? No. But their pain sure has helped the vandals purpose well.

[ICE-FLYER]

CHANGE

We've been deceived with

[epow]

At the astounding, unprecedented rate the Kenyan is blowing money that doesn't exist, inflation will eat up the US paper dollar until it will have less buying power a couple of years from now than a quarter does today.

“We have tried spending money. We are spending more than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot!”

Was that some Republican talking recently about Obama's spending and give-away spree? No, it was Henry Morgenthau, Treasury Secretary in FDR's administration talking in 1939. But the Kenyan's unprecedented run through trillions of dollars the US doesn't have and may not be able to borrow from an increasingly skeptical Chinese government is doing far more damage to America's fiscal well-being than anything FDR ever dreamed of.

It appears likely that the Fed is preparing to dump another trillion fiat dollars into US banks and hopefully from there to people who will spend it in hopes that inflating the money supply will pull the economy out of the ditch. Even if that tactic does help revive consumer spending to some degree, are we willing to accept a runaway inflation rate that will make the low yield of investments and savings pitifully inadequate to compensate for the loss of the dollar's purchasing power? In my fiscally naive opinion that inflation rate will inevitably cause the dollar's purchasing power to drastically shrink to nearly nothing, but what do I know? I'm not very well versed on fiscal issues, but I know I'm not going to be happy with a deliberately created high inflation rate in exchange for a moderate increase in consumer spending, but what can I or anyone else do about it? It looks to me as a neophyte observer like the Kenyan is so desperate to "do something" to appear to be in charge and busy revving up the economy that he doesn't much care at this point whether or not what he's doing is in the nation's best long term interest.

[TurtleUp]

Thank God we have Obama to lead us along this path of good intentions. A lesser man in our White House would bungle this as surely as I would bungle my finances if I tried spending nearly twice as much as I bring in.