“President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal on Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy. The huge deficit would represent 12.3 percent of U.S. gross domestic product — the largest share since World War II.” (Reuters, Thursday)
We owe it to ourselves the Chinese.
FEE Timely Classic
“Deficits Do Matter” by Hans F. Sennholz