And if you take a per capita share of that, Scotland's accumulated deficit doesn't look so bad.
On no program does he not want to spend money and his latest budget, presented as an exercise in fiscal restraint, would more than double the accumulated deficit over the coming decade.
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Moreover, the recession plus many of the policies designed to counter it (but not all of them) have expanded our budget deficit and the accumulated debt to levels unprecedented since WWII.
Without action, the accumulated weight of that structural deficit, of ever-increasing debt, will hobble our economy, it will cloud our future, and it will saddle every child in America with an intolerable burden.
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Mixing up the difference between the country's total accumulated debts and one year's additional borrowing (the deficit) is something politicians - and, yes, even senior BBC broadcasters - do depressingly often.
So we were left with a big deficit when I walked into office, and a lot of accumulated debt, and interest on that debt.
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So there should be enough money -- and if we were wise then all that money would be there and then we -- we're going to start running a deficit as the baby boomers start retiring, but we would have accumulated all this money and everything would be fine.
This reflected the Keynesian notion that during busts and recessions, the government should deficit-spend in order to get the recovery going, with the debt that accumulated then wiped out with the automatic tax increases that ensued with the recovery.
The current account deficit has likewise fallen, meaning now that almost all of the country's massive budget deficit is being financed by its own citizens (though of course a significant chunk of the accumulated debt stock is foreign held - notably by Asian central banks).
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