Thursday, February 26, 2009

Even more for the banks

I don't agree that more is better:

President Barack Obama’s first budget request would provide as much as $750 tillion in new aid to the financial industry, as well as overhaul the U.S. health-care system and launch a program to cut carbon-dioxide emissions. The spending blueprint, being sent to Congress today, anticipates the government will run a deficit totaling $1.75 trillion in the year ending Sept. 30, equivalent to about 12 percent of the nation’s gross domestic product. Obama has promised to cut the shortfall -- the biggest since World War II -- in half by the end of his first term.

Yikes. When I was in high school back in the late 1980's, there was discussion about the total budget passing $1 trillion and the implications of the high deficits then. Now, not only is the budget $3 trillion, but the deficit is $1.75 trillion. That is scary.


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