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National Debt Doubles Under Bernanke
New fiscal deal projected to add another $4 trillion
WND
Source: ZeroHedge.com, Dec. 16, 2012
NEW YORK – Federal Reserve chairman Ben Bernanke is known among some economists as “Helicopter Ben,” for his tendency to hover over developing financial crises only long enough to hurl seemingly endless dollars down on the problem.
With the Congressional Budget Office projecting the fiscal cliff legislation that passed Congress over the New Years Day holiday will add $4 trillion to the federal deficit over the next decade, the Obama administration appears determined to address the crisis by pressing for yet more federal government spending.
The administration evidently believes Keynesian deficit spending will eventually create jobs, without igniting hyperinflation, regardless how high the national debt accumulates.
In December, Bernanke reached a new milestone, doubling the magnitude of U.S. debt since the day he became Federal Reserve Chairman in 2006, as graphically illustrated in a chart published by Zero Hedge.
The chart shows U.S. national debt totaling $8.183 trillion on Feb. 1, 2006, rose to $16.366 trillion on Dec. 12, 2012.
Read more at http://www.wnd.com/2013/01/national-debt-doubles-under-bernanke/#jx24cBEj6klXCVx1.99
