And when I give you that deficit figure, that’s just for fiscal year 2009. Of course, that’s not a real surprise, since yesterday, a few days after unveiling his economic stimulus package, Barack Obama warned that budget deficits will top $1 trillion for a few years. I’ll repeat that for you anyway:
In fiscal year 2009, the U.S. decifit is likely to be right around $1.2 trillion.
And that’s without the shoddy accounting practices that the government uses to cover up the trust costs of whatever it is doing. And, while I think that targeted investment in certain areas could help the economy, it’s hard to argue that running up such substantial deficits will work in the long run.
We need a complete overhaul of the system. We’ll see whether Barack Obama‘s talk of “totally” embracing budget reform comes to fruition.