And fails, dreadfully.
To edge back a step, our deficit was nothing like Canada\’s either. Theirs had been rising steadily since 1974, and had got to 70% of GDP. Ours was 30% before the financial crash, a figure that is manageable, almost respectable.
The deficit isn\’t 70% of GDP, it wasn\’t 30%.
That\’s the National Debt.
If you can\’t, reliably, work out the difference between a stock and a flow sorry, but you really ought not to be speaking of what you don\’t know.