09 Nov 2004
Some post-election numbers to cheer you up.
* [For the 14th straight quarter, the share of GDP that consists of wage and salary income fell. Such a decline is unprecedented during the post-World War II era. Previously, the share of GDP consisting of wage and salary income had never fallen for more than six quarters in a row.]
* [At 3.6 percent of GDP, the 2004 deficit marks the fourth consecutive year of fiscal deterioration, the first time this has happened since the U.S. entered World War II.]
* At 3.6 percent of GDP, the 2004 deficit is up from the 2003 level of 3.5 percent of GDP and is the highest level since 1993.
* The deficit increased in 2004 even though the recession officially ended in November 2001. This is the first time since before the Depression of the 1930s that the deficit has continued to increase this far into a recovery.
* At $413 billion, the 2004 deficit was $36 billion higher than the 2003 deficit, which stood at $377 billion.</blockquote>
In retrospect, maybe those numbers aren't that cheery.