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IPFS News Link • Dollar Meltdown The

Judd Gregg: When the dollar is worth 60 cents


This is in two months.

To give some context to the gigantic size of this spending, these two months of deficits exceed by a factor of three the largest annual deficit generated during the term of President George W. Bush, and blow past the largest annual deficit run up by President Obama.

Obviously, fighting the economic impact of the coronavirus has driven much of this explosion in debt.

But recall that Bush had to deal with the cataclysmic impact of the attacks of Sept. 11, 2001, and Obama had to deal with the staggering effects of the financial crisis.

These were not small-time fiscal events.

Now we have an almost incomprehensible explosion, not only of the deficit spending of the federal government but of the Federal Reserve's balance sheet (a euphemistic phrase for how the Federal Reserve accounts for its printing of money).