Overspending is more than a waste of lots of money.
The upshot of all excess spending: We will suffer an even deeper recession than we have. To now, only a small fraction of stimulus funds have been spent, with most earmarked a year or two down the road. What we get will be late and only add to upcoming inflation.
In fact, I have repeatedly reported that the so-called stimulus has actually been a political slush fund, doled out to “friendly” recipients.
Remember the Soviet Union with its periodic Five Year Plan Stimulus efforts? When did they ever work?
But budget overspending will do to us in the future what it is doing to Greece and several other European nations today.
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