“The Fed committed Wednesday to purchase an additional $45 billion in long-term Treasury securities each month well into 2013, in addition to the $40 billion in mortgage assets it is already buying each month. At $85 billion a month, the Fed’s balance sheet will thus keep growing from its current $2.9 trillion, heading toward $4 trillion by the end of the year. Four years ago it was less than $1 trillion.”
And every one of those dollars is a +1 added to the national debt, *regardless of and in addition to government overspending*. The fed will, single handedly, saddle us with $3.06 trillion dollars of new debt, over the proposed 36 months, with this policy.
If the President’s pipe dream of $1.6 trillion in new revenue were realized, in 10 years, that would offset one year’s defict during his administration. This ensures that any new revenue generation is completely futile.