Opinion
The Daily Outrage: Americans should expect the shock of ‘trillion-dollar deficits for years to come’
Examiner Editorial
January 8, 2009
WHO: President-elect Barack Obama, after meeting with his top economic advisers for two straight days.
WHAT: Obama said jolting the U.S. out of the worst economic crisis since the Great Depression would require stimulus spending that triggers record deficits for the next several years.
WHY IT HAPPENED: The announcement came because the government hopes to borrow a staggering amount of money without driving up interest rates.
WHY IT’S A BAD IDEA: Huge deficits bring inescapable long-term risks and burdens.
WHAT’S BEING DONE ABOUT IT: At least the president-elect pledges spending controls and efficiency measures to reduce deficits dramatically in following years.
