August 2009: Hoven and deficits!

A post from August 2009

We’ve had Randall Hoven on our radio show before.

“In Reagan’s eight years, 1981-88, the deficit averaged 2.4% of GDP, with the worst year being 6.0%.

Under George W. Bush, 2001-2008, the deficit averaged 2.0% of GDP, with the worst year being 3.6%.
Now let’s look at CBO’s forecast of Obama’s deficits for 2009-2016.

The average deficit will be 6.3% of GDP, with a worst case of 13% and a best case of 3.9%.

And these are the rosy predictions, the June predictions — before being updated in August as the baseline scenario was.
Do you get the size and endurance differences?

Obama’s average will be worse than Reagan’s worst single year.

Obama’s best will be worse than Bush’s worst single year.

Obama’s average will, in fact, be worse than any year since 1930 except for World War II.

That means unprecedented in peacetime.”