The press is fixated on the fact that we have a record deficit. Where have they been? Why does everyone seem shocked by this? The economy is in the toilet; we are fighting three wars (the war on terror at home (homeland security), Iraq, and Afghanistan) all of which have required increased spending; we passed tax cuts; and Congress has been spending like there is no tomorrow! The budget hawks have been awol and now we are waking up.
But to sit here and say it is the worst deficit in history, that just not true. You have to look at the deficit as compared to the Gross Domestic Product (GDP). Today’s deficit is 3% of the GDP, and in 1983 the deficit was close to 6%! So to say this is the worst deficit in history is a load of bunk. (By no means am I saying that this not a big deal…just don’t pretend that this comes completely out of the blue. Wake up folks!)
However, you do need to pressure your Members of Congress to quit spending above the budget allocations!