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Mixed to-froms

June 26th, 2012


Fortunately for the economy, World War II soon led to unprecedented spending and deficits, which the Federal Reserve willingly financed with easy money. Federal spending rose to 44 percent of G.D.P. in 1943 and 1944 from 9.8 percent in 1940, and the budget deficit went from 3 percent to 30 percent of G.D.P.

Bruce Bartlet NYT 6/26/12

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