2007-10-06 07:35:16 · 8 answers · asked by Anonymous in Politics & Government ➔ Politics
No.
The deficit is higher than it ever has been. But NOT as a % of GDP. In 1944, the deficit was a whopping 22.7% of GDP. Today, only 2.3% You can look it up. This one will be easy. The website is listed below, find page 26. That 2.3% is only .1% higher than in 1995. Who was President then? Really, in 1995 it was 2.2% of GDP. So why do people consider 2.3 so much worse than 2.2? It has to do with the party of the President and how the press views that party.
It always gets out of whack during times of war. You will note that 1944 was during World War II. But many times the deficit has been 2- 3% of GDP. It is well within safe limits.
Addendum - it is funny how many people look at the total debt without looking at the economy as a whole. Lets look at it in simpler terms. If you are making $30,000 a year and have a mortgage of $250,000, that would be scary. That would be too much debt. If you made $300,000 a year with a $250,000 mortgage, nobody would bat an eye.
So those of you bemoaning the highest deficit ever must look at the whole picture. The percentage is comparable to Clinton's 3rd year and many of you who bemoan this one, sing Clinton's praises. Be fair, be fair.
2007-10-06 07:37:25 · answer #1 · answered by KDCCPA 5 · 10⤊ 0⤋
Some of these answers confuse budget deficit with national debt. When Clinton left office there was NO budget deficit. In fact, there was a surplus that he proposed be applied toward the national debt.
To compare 1993 deficit % of Clinton, elected in 1992, to Bush in his last yr. is misleading. GB Sr. left BC a mess to clean up, he did just that by the end of his tenure. Now, GB Jr.
put us right back where Dad left us.
National Debt, on the other hand, is a totally different story. Dems. just can't compete w/Reps. when it comes to increasing our debt by multiples of 2 or 3. Those fiscally frugal Cons. are in a league of their own.
2007-10-06 16:34:54 · answer #2 · answered by H.E. G 4 · 0⤊ 0⤋
Yes, it's the worst it's ever been. The reason is too many republicans in office. Apparently from the responses in YA many people believe doubling the national debt is no big deal.
2007-10-06 14:42:29 · answer #3 · answered by Zardoz 7 · 0⤊ 2⤋
Yes. Our current debt is higher than all of the previous administrations combined. The US debt is also larger than all of the other nations on Earth.
Doubt it? Just look at our stock markets and those of foreign nations during W's term in office.
2007-10-06 14:46:01 · answer #4 · answered by Anonymous · 0⤊ 1⤋
the national debt is currently $8 trillion. i think the economy is about $15 trillion.
veterans commission says a lot more money is needed for returning iraqi veterans.
2007-10-06 14:39:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes...in the same way every headache you get is the worst one ever.
2007-10-06 14:44:12 · answer #6 · answered by Salsa Shark 4 · 0⤊ 1⤋
As a percentage relative to the CPI .... not at all.
2007-10-06 14:38:44 · answer #7 · answered by ValleyR 7 · 1⤊ 0⤋
not yet, ask that question again when Bush is leaving office.
2007-10-06 14:39:31 · answer #8 · answered by avail_skillz 7 · 1⤊ 0⤋