Hyperinflation to follow
After four years, the U.S. Senate has finally passed a budget [“Senate passes first budget in four years,” News, March 24]. The Senate budget proposes a $3.7 trillion budget for 2014 and a $566 annual budget deficit for the next 10 years, adding $5.2 trillion to your national debt.
Adding the forecast deficit to our current $16 trillion debt, the U.S. will be facing a $21 billion debt in 10 years. The federal government is already borrowing more than 40 cents of every dollar it spends. The Senate budget substantially increases our national debt.
The Senate budget makes no provision for repaying U.S. debt. If the Federal Reserve keeps printing money to buy Treasury debt, since the bond market will refuse to buy it at some point, can hyperinflation be far behind?
–Walter A. Appel, Lynwood