Well, this isn’t encouraging…
7 January, 2009
…to put it mildly. Is there any way one administration can fix this during a 4 year term? No matter how good that administration is?
If the forecasts are remotely accurate, the deficit would obliterate all previous postwar deficit records not only in nominal dollar amounts but also in the way economists consider most accurate: the deficit as a share of the nation’s economic output.
The agency said the deficit would equal 8.3 percent of gross domestic product, obliterating previous postwar record of 6 percent, reached in 1983 under President Ronald Reagan.