Red ink: the government is drowning in it. The first two months of fiscal 2010 set a new record. Curiously, this report was issued late Friday -- the slowest news day -- and it has been completely ignored by state-run media.
Here's the updated graph showing theory vs. reality. It's as if the Climategate scientists were making the projections.
If the deficits continue to overshoot prior estimates, which they almost certainly will, the country is headed for total, hyper-inflationary meltdown: China and Japan will simply cease buying debt that can't be repaid.
Oh, and recall that these totals don't even include state and local governments -- like the Blue State Utopias of California, Michigan, New York and New Jersey -- that are hemorrhaging revenues and residents as fast as they can pack their belongings, stuff them in U-Hauls and clear out for greener pastures.
That deficit represents a 25% overshoot.
Congratulations, Mr. President: your strategy is working.