<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Budget deficits under Bush hit a record high <HR></BLOCKQUOTE>
They are a record high in terms of pure numbers, but not even close to the pct.of GDP.
What is relevant is the size of the deficit relative to the size of the total economy, not the raw number itself. The total domestic economy is the GDP or Gross Domestic Product.
In 1943, the deficit was 30.3% of GDP. In 1983 it was 6%. Today it is 3.5%, or about a TENTH of what it was in 1943 and almost half of what it was 20 years ago.
So, when the media uses the term “record deficit,” they are being deceitful, lying about the facts in an attempt to damage the president!
They are a record high in terms of pure numbers, but not even close to the pct.of GDP.
What is relevant is the size of the deficit relative to the size of the total economy, not the raw number itself. The total domestic economy is the GDP or Gross Domestic Product.
In 1943, the deficit was 30.3% of GDP. In 1983 it was 6%. Today it is 3.5%, or about a TENTH of what it was in 1943 and almost half of what it was 20 years ago.
So, when the media uses the term “record deficit,” they are being deceitful, lying about the facts in an attempt to damage the president!