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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth V. McNutt who wrote (655542)11/2/2004 2:47:08 PM
From: DuckTapeSunroof   of 769670
 
"as measured as a percentage of GDP"

No, it's not.

You forget that in the second Reagan term they introduced the 'unified budget' as a method for disquising the true size of the federal deficit.

Under GAAP rules (no smoke and mirrors) our current true deficit is over 6% of GNP now... pushing onwards to 6.5%.
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