Economic Deficit And Peace-Time Deficit

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Recommended: Introduction to national debt

An article written by Daniel L Thornton states the United States has currently surpassed 100 percent of its gross domestic product. A significant amount of this debt is the result of the government’s effort to decrease the effects of the financial crisis. Until recently, large economic deficits have been linked to historic wars: War of 1812, the Civil War, World Wars I and II. The only historic peace-time economic deficit occurred during the Great Depression, when the deficit hit a peak of 6.6% of Gross Domestic Product (Thornton, 2012). In comparison, the deficits for 2009, 2010, and 2011 are all 8.9% or larger, far more than the previously largest single-year peace-time deficit. After each of these periods of large deficits, the budget ran

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