Oh for the days of Bill Clinton!
The federal budget deficit has, for the first time, surpassed $1 trillion.
As the economy weakens, foreign governments hold U.S. debt, a poor balance of trade (-$26 billion!) and the government handing out stimulus and bailout money like crazy, the question remains, who is guarding the federal vault?
The news is spurring fears of future inflation. If that happens, it's unlikely employers will increase their worker's wages to match rising costs of living. That can't be good for the economy in the long run.
President Obama says we should have patience and give the economic stimulus programs a chance to kick in. I hope he's right. Because if he's wrong, and his critics are correct, we'll be leaving our children and our grandchildren one hell of an economic mess. And little chance that their lives will be economically better than ours.