Trillion-Dollar Deficits to be the Norm

“President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of ‘trillion-dollar deficits for years to come,’ a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government.” (New York Times, Wednesday)

Fiscal discipline through deficit spending. Ingenious!

FEE Timely Classic
“Inflationism” by William H. Peterson