The latest estimates from the Bush administration are for a $455B deficit this year. That means that we've gone from a surplus to the largest deficit in history in just over two years of GOP rule. Very impressive, guys.
But hey, you say, that's not fair! What's important is not the raw size of the deficit, but the size of the deficit in relation to the GDP. Well, OK. I can buy that. But only if you'll observe that the $455B figure includes roughly $150B of surplus in the Social Security Trust Fund, so the real budget deficit is more like $600B, which is also the largest deficit in history.
Somebody explain to me again why the Republicans are supposed to be the party of fiscal responsibility?
Oh, by the way: Vermont, after five terms of Howard Dean as governor, has a $10M surplus this year. Vermonters give a lot of the credit to Dean.