182. chalmers johnson
August 1, 2009 § Leave a comment
.In May 2009, the Office of Management and Budget predicted that in 2010 the United States will be burdened with a budget deficit of at least $1.75 trillion. This includes neither a projected $640 billion budget for the Pentagon, nor the costs of waging two remarkably expensive wars. The sum is so immense that it will take several generations for American citizens to repay the costs of George W. Bush’s imperial adventures — if they ever can or will. It represents about 13% of our current gross domestic product (that is, the value of everything we produce). It is worth noting that the target demanded of European nations wanting to join the Euro Zone is a deficit no greater than 3% of GDP.