Federal deficit

Just finished watching a union economist on TV spreading dis information about deficit spending. Just to set the record straight, here is what deficit spending really does. To keep the US government checks from bouncing, the treasury sells bonds to Wall St. The buyers give Uncle dollar bills, cash, and Uncle gives the investor a treasury bill, a piece of paper promising to pay back the money in the future. To the buyer, the T-bill he receives is nearly as good as cash. He can keep it, sell it, use it to back loans. Samuelson, (my college economics text) called T-bills "near money". You can use a T-bill for nearly all the things you use money for, and so the buyer of the T-bill feels as wealthy holding the T-bill as he did when holding cash. In short, selling T-bills is just about the same as printing new dollar bills.
We don't like to print too many dollar bills because that causes inflation. For the same reason, we should not be printing so many T-bills, it causes inflation for the same reasons as printing too many dollar bills does.