I just heard Stephen Moore of Heritage Foundation saying we had a trillion dollar budget deficit, in a debate on CNN about the Paris Accord (1:42PM CST).
But Menzie, it is right there, the 1.4 Trillion deficit which we had in 2010. And that makes Menzie a liar, not Steve.
The chart actually shows an increasingly unstable federal government headed to default. If you look at the rate of deficit increase in the past few months, then you will observe that such a steep rise in deficit predicts an imminent recession.
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