Today's federal deficit

Today's federal deficit is at 12.3 trillion dollars.  Our tax receipts for last year was 2.1 trillion dollars.  This just covers the "mandatory" items on the budget.  Note that the mandatory items include social security, medicare, medicade, the TARP, and other social programs.  It does not include military, homeland security or any other expenditures which are deemed discretionary.  Does anyone remember when the interest rates were 21%?  I do.  If the interest rates were 21% then the interest would exceed the tax receipts. 

The federal government has no choice.  It will inflate the currency.  Governments do not default on their debts.  They print money and inflate the currency.  I cannot predict when the inflation will hit.  I cannot predict how bad it will be.  But I can predict that inflation will happen.  Get ready for it.