Looking at this graphic it is obvious that 2009 will be a terrible deficit year. But the projections by the CBO (both baseline and full Obama wish list) don't look all that bad when compared with the previous 40 years...
If you look closely, the deficit as a percent of GDP during Reagan's presidency is about the same as what is projected under Obama's once this current financial storm (the next few years) are safely passed.
Notice how the Clinton surplus years stand out bravely like the tip of an iceberg in the chilly seas of red ink spilled by all the "conservative" Republicans from 1980 through 2008.
It is breathtakingly obscene for current Republicans to rant about budget deficits given the history of the last 30 years. Fighting the current economic collapse is akin to fighting WWII (with its huge runup in debt). You throw your all into it and after the smoke clears, then you go back to trying to put your financial life in order. Otherwise, you are fighting the demon Depression with one (if not both!) hands tied behind your back.
The economy is in a state of emergency. This is the time to ring the alarm and bring all hands on deck and engage in a fierce hand-to-hand fight for economic survival. You don't sit below deck and debate deficits when the pirates are coming over the railing with daggers and swords.
The Republicans are simply ludicrously misguided in their politics of finances. They were profligate wastrels in the good times and now that bad times have arrived, they suddenly "get religion" and want to be fiscally prudent. Nuts!
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