We wrote here about the fact that, based on the CBO’s $1.2 trillion deficit projection for FY 2009, the federal deficit was about to balloon to a greater percentage of GDP than at any time since World War II. Now, with the Democrats’ pork bill added on top of TARP I and TARP II, the federal government is hemorrhaging red ink. This chart shows the federal surplus or deficit as a percentage of GDP from 1965 to the present, with the 2009 deficit shown as estimated by Strategas Group with the stimulus added in. Click to enlarge:
A picture is worth a thousand words. The debt currently being run up by the Obama administration exceeds anything in our peacetime history by a very wide margin. The consequences, I’m afraid, are not going to be pretty.
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