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To: Steve Dietrich who wrote (42446)	3/27/2001 11:57:14 PM
From: Peter O'Brien	Read Replies (1) of 64865

I can't resist also commenting on your so-called "fiscal disaster"... You claim impending "fiscal disaster" if the surpluses shrink. Well, the level of federal debt is nowhere near historical highs as a percentage of GDP. So, again, if historical precedent means anything to you, I don't see how you are justified in making such a statement. Please explain to us all... Federal debt peaked at 122% of GDP in 1946. During Reagan's years it rose from 35% to only 53%. During Bush Sr.'s years it rose from 53% to only 66%. It seems that winning the cold war was a lot less costly than winning WW2. It is currently 59%, which is less than half of the 1946 level. So, let me get this straight... You are worried about a "fiscal disaster" if the surpluses decrease, even though the current debt level is well within historical norms and less than half of the all-time high. And, you are worried about the paltry little tax cut that Bush, Jr. is serving up even though current taxation levels are at all-time historical highs. Do I have that right, Steve?

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