We give WWII a pass, but not a pandemic. Okay.
Are you saying you disagree?
If so, I'd point out a couple of things:
First, just in general, yes. In WWII we were fighting the Nazis and a brutal repressive regime in Japan that was arguably just as bad and it was a humongous global war effort and that just seems like it would reasonably cost more than a flu.
Second, from my perspective it isn't the massive 2020 pandemic spending (30.69% of GDP, highest since WWII) that is the problem it is the fact that spending didn't return to pre-pandemic levels after that. Spending in 2019 was 20.65% of GDP and since then the lowest year was 2023 at 22.13%. If we'd temporarily increased spending in 2020 due to the pandemic then IMMEDIATELY returned to <20% of GDP and stayed there for 2021-2024 it would be ok. That didn't happen.
Third is duration. For WWII we only had four years of expenditures over 22% of GDP, 1943-1946 (yes, I know that 1946 was post-WWII but there was wind-down spending). Starting with the pandemic in 2020 we've had expenditures over 22% of GDP for five straight years with no end in sight.
And yes, the past 5 years are the most egregious. Okay.
Are you saying you disagree?
There have only been 14 years of Federal Expenditures in excess of 22% of GDP and the last five years make up more than one-third of that. Worse, the last five years are the only time we've had expenditures that high for this long. Previously:
- 4 years for WWII and wind-down (1943-1946)
- 2 years dealing with a recession in the early 80s (1982-83)
- 3 years dealing with the credit-crunch recession (2009-2011)
So yes, the last five years are plainly and obviously the most egregious.
