but it's not the largest deficit ever in real terms or per unit of GDP or per capita.

Tax Cuts Lead to Largest Deficit Ever in Complete Reversal of Bush's Prediction


Despite President Bush's assurance in 2001 that his tax cuts "could happen without fear of budget deficit, even if the economy softens," the estimated $455 billion budget deficit this fiscal year will be the highest in U. S. history.

In the President's 2002 State of the Union message he tried to shift blame onto Congress, saying "our budget will run a deficit that will be small and short-term so long as Congress restrains spending,"3 but earlier this month he admitted his tax cuts account for 25% of the deficit.

The record-setting debt is at complete odds from the President's first year in office when he promised, "Many of you have talked about the need to pay down our national debt. . . I agree. We owe it to our children and grandchildren to act now."

Instead the Bush tax cuts will pass an extraordinary hardship onto the next generation that faces paying a minimum of $43 trillion in Social Security and Medicare benefits to Baby Boomers. Even if the government limited itself to paying only for retirement benefits, health benefits and interest on the national debt, federal taxes would still have to be raised by 70 percent - permanently - to meet those obligations.