“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."
Thursday, March 11, 2010
$221 Billion Deficit in one month? One Month?
US budget deficit hits record $221 Billion for one month, February. That is a record and what is the Obama Administration doing about it?
For the record the US deficit for all of 2008 was $459 Billion.
The US government recorded a budget deficit of $221 Billion in February. Since the beginning of the fiscal year in October we are now at a negative $651.6 Billion.
That puts it on track to beat last year's record annual budget deficit of $1.4 Trillion.
Treasury Secretary Timothy Geithner called the deficit "unsustainable".
However, he maintained that running the deficit was helping the US continue its recovery from the recession in the short-term.
Analysts called the figures "frightening".
Earlier this year, the Congressional Budget Office (CBO) said it expected the budget deficit to fall this year as the recovery takes hold.
And the Obama Administration and the Democrats are continuing their dash over the cliff to create a massive new entitlement expansion of health care.