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March 07, 2011

Unprecedented: Obama Posts Biggest Single-Month Deficit In History; Outpaces Entirety of Bush's Year-Long 2007 Debt

Via Drudge, the prelude to hyperinflation. $223 billion in deficit for the shortest month of the year.

Bush's 2007 yearly deficit was a mere $161 billion.

Obama always claims he hasn't raised taxes on the middle class. He has, of course, via a bunch of taxes apart from straight income tax, but the more important point is that given his spending, we only have two choices: Jack taxes up on the middle class (it's unavoidable -- the middle class is too large to not be taxed; you can't tax the few billionaires enough to make this kind of money) or tax them indirectly by inflating the shit out of the dollar. (And I don't even think that would work, given that the biggest drivers of increasing spending have cost-of-living adjustments built into them.)


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posted by Ace at 02:13 PM

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