“Nine months into the fiscal year, the federal budget deficit has topped $1 trillion for the first time. The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. But there also is concern about trying to reverse the deficit, by reducing government spending or raising taxes, in the midst of a harsh recession.” (Philadelphia Inquirer, Tuesday)
This record won’t last long.
FEE Timely Classic
“A Closer Look at the Debt and Deficit” by Robert Higgs
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