Lotta caveats there; considering that this administration's overall management style has been similar in attitude and efficiency to lighting an enormous bag of dog shit on the nation's front porch and running, the idea that we're all supposed to just take their word for it on all the estimates -- which have yet to have been right or even close -- is ridiculous. And are we including what the housing fiasco will cost the taxpayers, the tens of billions for Wall Street bailouts and repaying the European central banks for their massive loans earlier in the year?
Measuring deficit spending as a percentage of GDP, as with assessing the defense budget, is a handy way to get the numbers to tell you what you want them to tell you, without going into the larger ramifications. It tells you nothing about growing economic disparity, or wage stasis in the face of extensive price hikes, while the people at the top take home more and more and more. It tells you zip about the deterioration of the infrastructure, or the rising tide of poverty that is being studiously ignored.
As with Saint Reagan and Poppy Bush, we are once again in the midst of a great upward wealth transfer, done pretty much right out in the open at that. Their automatic excuse is always that the market will sort itself. How's that been working?