What is the right word to describe the U.S. government’s current and proposed fiscal condition: fantastic, unbelievable, surreal? The Obama administration now expects a budget deficit in fiscal year 2009 of $1,750 billion, or more than 12 percent of GDP. Total federal spending this year is expected to be $3,940 billion, or 27 percent of GDP. President Barack Obama promises that the deficit will be brought down to $1,170 billion in fiscal year 2010. Don’t bank on it. Did anyone, even two or three years ago, expect this situation to develop? We need to go back only ten years, to … Continue reading It Would Be Cheaper To Fight WWII Again