Tim Re...Measured in terms of %of GDP I don't think this administration is the worst.
During and right after our major wars, civil, and WWII, deficit spending as a percentage was far worse. Bush Sr., and Bill, in his early yrs, probably had the biggest percentages, for peace time. GW was fighting in two wars, and a recession, all of which add to the deficits, historically. During the civil war, the gov. didn't have much for revenues, so the gov. floated bonds. While they were small, by todays standards, my uneducated guess, as a percentage, they were larger than WWII deficits. Just a guess though.
A bigger problem, is that deficits haven't been paid down, during times of peace, and non recession periods. |
