13 February 2009

Deficits/Surplus as a share of GDP

Greg Mankiw of Harvard. Please note that the chart borrowed form the WSJ does NOT include the structural deficit from -- ready? -- intergenerational transfers, which add between 50 and 80 Trillion bucks and creates a chart that make sensible people want to gargle with Cognac.

I supppose I should say something about Dr Mankiw's failure to publicly jump ugly with the 43rd president on the subject of spending -- GWB was supposed to be a cheapskate republican, after all -- but I won't.

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