May 16, 2009

STEPHEN GREEN: Caracas On The Potomac.

The numbers would be bleak if they weren’t so scary. A budget deficit four times bigger than last year’s record red ink. One year’s debt equal to 13% of GDP. A record $3,550,000,000,000 budget. And 46% of that spending will be “paid” for by new borrowing.

But wait — there’s less!

There have been 5.7 million jobs lost since December. A lousy Treasury bond auction last week signals slower growth and higher inflation. And retail sales just dropped for the second straight month.

Read the whole thing.

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