The proof:
…The government had to pay greater interest than expected in a sale of 30-year Treasurys. That is worrisome to traders because it could signal that it will become harder for Washington to finance its ambitious economic recovery plans. The higher interest rates also could push up costs for borrowing in areas like mortgages…
This means it will be harder to finance the massive debt Obama wants to run up, which means we’ll have to pay more to do so, which means deficits will be higher than expected, which means debt will rise faster than forecast…which means, not to put too fine a point on it, we’re screwed.
America’s New Economic Rule Number One:
You can’t spend your way to prosperity.
One of these days even liberals might figure that out.
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