The sidebar to my blog talks about how the “Financial Crisis of 2008″ has led to my version of “The New Economy” which is essentially an economy in which the central government plays an even larger role, if not becoming the fulcrum on which the economy rests. President Obama’s budget for 2010 will spend $3.8 trillion which is equal to over 25% of our economy for 2009. This is a smart increase from the 2008 budget that was equal to just over 20%. Now this will be achieved by deficit spending or increasing national debt. But in the absence of private sector borrowing in the wake of the “Financial Meltdown of 2008″ and the “Great Recession of 2009,” it has been essential for government to pick up the slack.
And this was not really planned. As I said in a blog many moons ago, like Topsy, “It just growed.”