What's spookier than Sen. Harry Reid guest-starring in The Vagina Monologues? The balance sheet from hell better known as the national debt. In 2009, the federal deficit was $1.4 trillion, or over 12 percent of GDP and the highest level since World War II. The federal debt, which is made up of all the annual deficits plus interest on borrowed money, is around 45 percent of GDP and is projected to be 90 percent of GDP by 2020. Which means the government will be sucking more money out of your pocket and the larger economy to pay for bailing out GM and Citigroup today.
This is the second of three episodes in Reason.tv's sense-shattering 3D series, Fiscal House of Horrors! To watch all the videos, plus a (scary!) warning from former Sen. Mike Gravel (D-Alaska) go here.
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