Budget deficit tops one trillion dollars - what it means for you
I would say rampant inflation, high interest rate and falling dollar. Some economists project $2 trillion by this fall. This sad result is the combination of the huge bailout and stimulus sums the government has spent to ease the recession, much lower tax revenues due to growing unemployment and lower corporate profits and the costs of wars. What may happen much sooner than later is that foreign countries will stop buying our debt, unless the Treasury Department will pay much higher interest rates. Even with that, the foreigners may just start looking elsewhere. Now just imagine what the second stimulus package will do to the deficit and subsequently, to everything I just mentioned.
Tue Jul 14, 2009 01:07AM | Copyright: www.bad-credit-advisor.com | More in Economy | Comments (0)
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