The June deficit for the US Treasury pushed to near $103 Billion in June alone as the government sent out rebate checks to taxpayers. I am hoping that now everyone will see the folly in these giveaways. The tab for that will now have to be borrowed or monetized by the Treasury/Fed and will result in an increased burden for our children moving forward. Tax ‘rebates’ from an insolvent Treasury are only another way to forego future consumption in favor of current consumption. Because it is today what matters; not tomorrow.

Now imagine what the deficit will look like when the Treasury starts buying Fannie/Freddie debt and has to bailout FDIC (which is coming). The monthly deficit might be $200 Billion. Or maybe $500 Billion. Is there any limit to the amount of money these people think they can borrow and spend? Or more importantly, is there any point at which Americans will wake up from their collective slumber and start demanding some sort of accountability from our elected officials? We always talk about wanting the best for our children. Yet we’ll allow our government to bury our kids and grandkids under a mountain of debt without nary a whimper of protest.