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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.)

posted by Ace at 02:13 PM

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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.) posted by Ace at 02:13 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments JackStraw: ">>Yeah, right AfD wants safety and security for it ..." grammie winger - cheesehead: "He wasn't a Muslim, then? Just a guy who liked to ..." fd: "Mostly peaceful Muslim. Mostly. ..." FenelonSpoke: "He wasn't a Muslim, then? Just a guy who liked to ..." 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