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akamaka | 2 months ago

Both of the charts I posted have GDP as the denominator (although I incorrectly said the first was “share of budget”).

I think it’s very important to use GDP as a denominator, because otherwise you’ll be stuck crying wolf, saying “debt always keeps going up” even during the good times.

There are a lot of people who simply don’t believe that the government budget needs a trim right now, because people have been continuously saying there was a debt crisis even when the financial situation was relatively favorable.

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