Originally Posted by Ateneo_BluEagles
before bush, $500 Billion surplus...during Bush's presidency, US owes more than $1,500,000,000,000 (and counting)
If you think the budget deficit is bad now, you are ignorant of history. The budget deficit as a percentage of potential gross domestic product as of 2006 is less than it was in 1968, 1971, 1972, 1975, 1976, 1977, 1978, 1980, 1981, 1982, 1983, 1984, 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 2003, 2004, and 2005.
Since 1962 there were 26 years with a higher level of deficit spending and 18 years with a lower level of deficit spending. The economy is doing very well despite the sub-prime mortgage problems. GDP is at it's all-time highest levels. With the economy so strong, the best time to cut federal government spending is when inflation creeps up. This could have a cooling effect to check inflation, reducing the need to raise interest rates.
The argument about deficit spending has gone on for hundreds of years. Those who speak the loudest against it are the most ignorant of all.