From the Report: “The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office. For more detail on the report, check out this post in USA TODAY’s The Oval.”
There are two ways to look at this: 1) we are engaged in the proper massive spending required to pull this economy out of the grips of a Great Depression. The comparison to World War 2 is, however, tricky as the economic situation then and now are completely different. (Will explain in later post); 2) or you can compare the massive spending and coming massive taxing like the failed New Deal programs of the 1930s.
We will see… More on this later.
