The federal deficit in the fiscal year that ended Sept. 30 was $1.4 trillion, lower than projected but still a record. At 10% of GDP, the figure is the largest since 1945, when the deficio lett was 21.5% of GDP. The figure made public today coincides with early rumblings about extending some features of last winter’s $787 billion stimulus package, the New York Times reports.
“It was critical that we acted to bring the economy back from the brink earlier this year,” said White House OMB director Peter Orszag. “The president recognizes that we need to put the nation back on a fiscally sustainable path.”
So let me get this straight: The deficit is huge, rightfully making us concerned that it’s going to completely screw us over while trying to get out of this panic. Nonetheless it was a good thing we spent huge amounts of money and created a deficit of this size. However, the president thinks we should still be more fiscally responsible. But we still might want to continue to spend more money like we have been.
Basically, the conclusion seems to be that we’re worried about the deficit but we’re not and we don’t think we should spend more but we do. Well, at least we’re getting our taxtdollars worth on the spin doctors they’re hiring.