Just to clarify, even at Iraq war spending highs under Bush military spending accounted for about 18% of the total budget. With the massive increase in domestic spending that number will likely be far less of a percentage.
Here is a graph to put things in persepctive:
Source:
http://money.cnn.com/2009/03/20/news...ion=2009032016
And I've seen estimates higher than $2 Trillion for 2009 but I don't have time to find them at the moment. And thats real dollars, not allocated dollars that are mentioned in the initial post.
As for what this means, it means the same thing it meant under Carter: Printing more money = higher inflation. IMO, we've already started to this the results in the dollar cost for oil. Gas is more expensive, but it isn't worth any more than it was before... the dollar is just worth less.
Here is an interesting article from TIME's archives (1980):
http://www.time.com/time/magazine/ar...1854-7,00.html
Re: Bailouts could cost $23+ Trillion... with a "T"
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