“Massive budget deficits will continue even after the economy recovers from its deep recession unless budget policies are radically changed, the incoming director of the Office of Management and Budget told a Senate committee Tuesday. Current budget policies would likely generate annual deficits between $750 billion and $1.2 trillion for years after the recession ends.” (Washington Times, Wednesday)
And we’ve only just begun.
FEE Timely Classic:
“What Spending Deficits Do” by Henry Hazlitt