] Budget: The budget deficit is expected to jump to $450
] billion this year, causing some deficit hawks to warn of
] a growing "crisis." Sorry, but the crisis doesn't exist.
]
] Those who fear the deficit seem surprisingly immune to
] any lessons from history.
]
] For history shows that most of what we hear about the
] deficit is wrong. This deficit, in the truest sense,
] isn't a "record." It's not even close. This year the
] deficit will come in at about $455 billion, or 4.2% of
] GDP, which is the most meaningful way to measure spending
] gaps. How big is that? It doesn't even make the top five
] since 1980.

Fables Of Finance