That’s a high number, and not seen since World War II. And it needs to come down.
My prediction: as the economy recovers over the next few years, the percentage will drift downward, below 40% (and Republicans will not notice).
And my bet is that Barack Obama will, like Bill Clinton in the 1990s, soon push to bring deficit spending under control and move the government’s share of the economy back closer to 30%, not 40%.
At least that’s my hope.
But it’s an awfully high number isn’t it?