On the recordJune 30, 2010
I thought it would be appropriate to talk about what these bars mean. It's pretty straightforward. These were Republican years under Bush, and this shows the deficit. We're not proud of this deficit. Shouldn't be any. The worst year under Bush was this one where Speaker Pelosi ran the Congress. So this was Bush's worst year for deficit right here. So we go from 2009 to 2010 with President Obama, and he's three times the Bush level of deficit and this year is even higher. Now, one of the ways to measure these things is this deficit is a percent of our gross domestic product, all of the stuff that we make in America. This is running at about 3.1 percent. This is about 9.9 percent right here. Now, these numbers have consequences, and the consequences are your children and your grandchildren. But it also could precipitate a crisis a lot sooner, and we really don't know what that crisis looks like. What happens when you go to the bank and your ATM doesn't work? You worked all of your life and you have savings in the bank and there isn't any money in there because you can't get any money out because the dollar bill isn't worth anything. Have we ever experienced that before? We've seen some high inflation that's not pretty. What happens if the banking system just stops working because we pushed this too far?
