Friday, March 20, 2009
Predicting a $2,000,000,000,000 Budget - Update
On January 7, I made what I thought then was a bold prediction, that the budget deficit for Fiscal Year 2009 would be $2 Trillion. Today, the CBO projects a $1.9 Trillion budget deficit for Fiscal Year 2009. Odds are that many more stimulus packages are on the way. I'd like to revise my prediction up to an immoral $2.5 Trillion. The words of Senator Tom Coburn are worth repeating: “The greatest moral issue of our time isn’t abortion, it’s robbing our next generation of opportunity. You’re going to save a child from being aborted so they can be born into a debtor’s prison?” However, my response to the Good Doctor is that at the rate we are going, we may not be able to afford to finance debtor's prisons. Federal bankruptcy is looking more and more likely every day.