Reporting on the looming $490 billion deficit that will form part of Dubya's enduring legacy to the nation, the propagandists at Fox try to soften the number by pointing out that:
The highest post-World War II budget deficit, in terms of a portion of the GDP, was in 1983 when it was 6 percent of the national economy. The record high-dollar mark to date was in 2004, when the deficit reached $413 billion.It's amusing to note, of course, that 1983 was the third year of Ronald Reagan's first term in office. So, depending on your metric, the most fiscally irresponsible president in history was either George W. Bush or Ronald Reagan. Take your pick. In that context it is almost laughable that a Bush administration official could warn that:
..."a lot can happen" in 18 months that could worsen or improve the outlook, such as an improved economy leading to better tax returns, or increased spending under a new administration. The official specifically warned about the impact a Democrats.Of course, the unnamed administration official failed to note that the only way Democrats could, theoretically, "blow the doors off spending" would be if either (a) George Bush declined to veto their hypothetical (and uncharacteristically irresponsible) spending increases, or (b) Bush did veto, but enough Republicans came on board to override the veto. But never mind... let's continue to push the absurd notion that Democrats are the more fiscally irresponsible of the two parties:
"Democrats could blow the doors off spending and drive the deficit even higher," the official said.