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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (305590)	5/18/2009 5:18:29 AM
From: unclewest	Read Replies (2) of 793914

From last week. WASHINGTON (Reuters) - The White House on Monday raised its forecast for this year's U.S. budget deficit by $89 billion due to the recession, millions of new unemployment claims and corporate bailouts. The new estimate predicted a deficit of $1.84 trillion The $1.84 trillion deficit will be close to a 20% increase in national debt. US Government politicians enabled reckless consumer spending until the household debt load became unmanageable. US Government politicians think the cure is for the government to become reckless spenders. By the end of the year, the federal debt load will be $12 Trillion. What happens when the national debt load becomes unmanageable? Do we do what we did numerous times in Korea and Vietnam? There we voided US issued, dollar-based script numerous times with no notice. Everybody was limited to exchanging no more that $2,000 worth of old script into the new currency. These currency revocations were devastating to small businessmen.

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