RE: Can You Imagine Doing This at Home
The new record deficit this year — driven by the federal government’s efforts at bailing out financial institutions and automakers, the $787-billion economic stimulus act that Congress approved one month into Obama’s term and slumping federal tax revenue — will amount to 12.9% of the nation’s Gross Domestic Product….”The deficits … are driven in large part by the economic crisis inherited by this administration,” budget director Peter Orszag wrote in a blog entry on Monday.
Aahhhh….inherited…”It’s not our fault!” Hm. Perhaps this will lend perspective on the “inheritance”.
Yes, the above graph has been around for a while, but it’s a useful reminder that:
1) We’re engaging in way more deficit spending than ever before, and plan on continuing because…
2) The projected numbers escalate even after the current economic crisis is “solved” by the Obama Administration.