US debt on default path
OPS_admin | May 10, 2009 | Comments 0
US debt on default path
By W Joseph Stroupe
Big government rescues on Wall Street and elsewhere, domestic stimulus plans, toxic asset replacement plans, and new government programs to address a wide range of other longstanding problems are causing the United States budget deficit to skyrocket.
More than US$12 trillion has already been committed and/or spent in this crisis, with the current year’s budget deficit projected to reach, or exceed, nearly $2 trillion. The US Treasury is flooding the market with new issuance of debt, while the chances appear increasingly slim that the huge and ballooning deficit will be brought under control anytime soon. With all this spending, we’re guaranteeing that huge and persistent tax increases will be enacted down the line to pay for it all. That will trounce economic growth and is an enormously ugly prospect.
The US dollar will inevitably bear the full and ferocious brunt of the decidedly hyper-inflationary policies of Washington, notwithstanding the Federal Reserve’s empty promises to reverse such policies swiftly to protect the currency when inflation inevitably rears its ugly head again.
via Asia Times Online :: Asian news and current affairs.
Filed Under: Economy - Labor
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