(From the WSJ.com) The federal government is expected to borrow $1.6 trillion this year, or about $15,000 for every household in the country. Over the next 10 years it’s expected to borrow a total of $8.5 trillion. And the government was already deeply in debt to begin with.

Deficits are certainly not always bad for the economy. And it makes sense for Uncle Sam to borrow heavily in a crisis, like now. But these figures are enormous. And they are expected stay big well down the road. The Obama administration forecasts deficits of $1 trillion in 2020.

Here’s a look at the risks the deficits pose for personal wealth–and what can be done to guard against them:

Be very wary of long-term bonds. Whether we pay for these deficits by issuing bonds or by printing money, we run the risk of inflation in due course. Longer term bonds are most at risk. Yet the prices right now are not compensating you for the risks. Ten year Treasurys yield 3.65 percent; 30-year Treasurys, 4.57 percent.

Read more here: What do these budget deficits mean for you and your finances?