Spent and Accounted For.
The amount of the overspending has already been spent and stimulated the economy when it happened as long as thirty years ago. It's already been paid for either by taxes or an increase in debt. There is no going forward effect from the discovery.
Anytime OPM (other people's money) is spent by a government agency cost over-runs and bad things happen. I remember the shocking case of the thousand dollar toilet seat for a Air Force bomber many years ago...which is probably 10,000 today.
Ultimately you are correct in that the price paid is a devaluation of the dollar. Now I'm really old school in thinking of commodities, especially food DBA/JJG, as the ultimate money. Trouble is, from a devaluation standpoint, the dollar and every other currency around the world has been getting stronger, not weaker, as food commodity prices have crashed over the past four years.
The chickens won't come home to roost until grain crops are monetized (last happened in 2007-8), and we all know what happened after they did. Some day a bushel of wheat will go for more than a Bitcoin and all hell will break loose, but I don't know if I'll live that long to see the day. In the mean time we are in a perfect Fall season which is THE most favorable season for bubbles of all sorts.
AI
