My estimate for the cumulative deficit over the next 10 years before the Obama budget was announced this week: in excess of $15 trillion.
My estimate for the cumulative deficit over the next 10 years after the Obama budget was announced this week: in excess of $15 trillion.
I see no leadership coming from this administration (or the Congress) to achieve anything different in the future. There is no evidence of the will to take leadership on the United States economic ship.
We have arrived at this position through the actions of both Republicans and Democrats. There is no evidence that this condition will change in the near future.
Everything is the same, with one exception: we are heading full steam into the 2012 presidential election.
Our history: We have had 50 years of credit inflation that has brought us to this position.
Forecast: credit inflation will continue for the foreseeable future.
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