Wow, it was SOOOOOOOOOOOOOOOOOOOOO BAD during those Bush years, right? With THAT HORRIBLE 5.1% unemployment rate...
Borrowed from Mish’s site....
Paul Krugman, March 11th, 2003, “A Fiscal Train Wreck.”
‘With war looming, it’s time to be prepared. So last week I switched to a fixed-rate mortgage. It means higher monthly payments, but I’m terrified about what will happen to interest rates once financial markets wake up to the implications of skyrocketing budget deficits.’
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‘What’s really scary — what makes a fixed-rate mortgage seem like such a good idea — is the looming threat to the federal government’s solvency. ‘
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‘That may sound alarmist: right now the deficit, while huge in absolute terms, is only 2 — make that 3, O.K., maybe 4 — percent of G.D.P. But that misses the point.’
http://www.nytimes.com/2003/03/11/opinion/11KRUG.html
Now, Obama dreams of 3% debt to GDP. (The deficit was
The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic ...(On a Republican budget!)
then the Dems took over...