Review & Outlook: The 10% President

Footnote No. 1: Either Mr. Obama inherited the largest deficit in American history or he won the 1944 election, but both cant be true. The biggest annual deficit the modern government has ever run was in 1943, equal to 30.3% of the economy, to mobilize for World War II. The next biggest years were the following two, at 22.7% and 21.5%, to win it.

The deficit in fiscal 2008 was a mere 3.2% of GDP. The deficit in fiscal 2009, which began on October 1, 2008 and ran through September 2009, soared to 10.1%, the highest since 1945.

via Review & Outlook: The 10% President – WSJ.com.

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