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Politics : PRESIDENT GEORGE W. BUSH
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To: Peter O'Brien who wrote (430072)7/21/2003 10:12:47 AM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
I'm sure you are correct.... The WW II deficits were by far the largest (and taxes were raised up to 90% to help defray the expense).

However - absent the WW II years - we now are posting, and projected to post even higher, record deficits.

The US Treasury Department calculated the 'true' US current deficit using GAAP standards for 2001 at 1/2 Trillion dollars.

It has soared since then.

If one divides up the accumulated national debt, and apportions it, then every family in the US 'owns' over $500,000 of the USA's debt.

When private and corporate debt is added to that, it's over $750,000 for every family.
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