Budget Deficit Is Larger Part Of The Economy Than At Any Time Since World War II

Even as Barack Obama moves his lips about “responsible budgeting” and “deficit reduction” he is running up more deficits with his spending and budgeting than at any time since WWII.
Once again, Obama says one thing and does another.

The nation’s debt clock is ticking faster than ever — and Wall Street is getting worried.
As the Obama administration racks up an unprecedented spending bill for bank bailouts, Detroit rescues, health care overhauls and stimulus plans, the bond market is starting to push up the cost of trillions of dollars in borrowing for the government.
Last week, the yield on 10-year Treasury notes rose to its highest level since November, briefly touching 3.17 percent, a sign that investors are demanding larger returns on the masses of United States debt being issued to finance an economic recovery. …
Already, in the first six months of this fiscal year, the federal deficit is running at $956.8 billion, or nearly one seventh of gross domestic product — levels not seen since World War II, according to Wrightson ICAP, a research firm.
Debt held by the public is projected by the Congressional Budget Office to rise from 41 percent of gross domestic product in 2008 to 51 percent in 2009 and to a peak of around 54 percent in 2011 before declining again in the following years.

This isn’t even the worst part. Eventually we’re going to have to pay off all this debt. I don’t think a lot of Americans comprehend just how massive deficits that are over half of our gross domestic product are. That’s just not a metric the average citizen can wrap their heads around.
But when they tax bill comes do, make no doubt that they’ll be able to wrap their heads around that.