Tuesday, March 3, 2009

Paul Craig Roberts: A Banana Republic By 2012? Change for the Worse

by Paul Craig Roberts | InfoWars| March 2, 2009

President Obama has presented the most irresponsible budget in US history. His fiscal year 2010 budget projects federal spending of $3.5 trillion and a federal deficit of $1.75 trillion. In other words, 50 percent of the government"s budget consists of red ink.

Obama"s bhttp://www.dailypaul.com/node/add/forumudget deficit for 2010 alone exceeds the totality of SReagan Deficits for Reagan"s two terms of office.

And Americans are angry that sub-prime borrowers took mortgages they couldn"t afford.

The bald fact is that the US government is going to have to borrowor printhalf of the money it intends to spend in Obama"s first budget. This fact has fallen through the cracks as New York Times headlines proclaim SA Bold Plan Sweeps Away Reagan Ideas. It certainly does sweep away Reagan ideas. No Reagan budget ever presumed that the federal government could borrow half of its annual expenditures. Indeed, Obama"s budget deficit for 2010 alone exceeds the totality of SReagan Deficits for Reagan"s two terms of office.

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