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"In the US, the budget deficit hit a record in 1943 at 30% of GDP. This year’s deficit, around 19% of GDP, will be equivalent to the deficits run in 1944 and 1945, also during the peak war years. Federal debt as a percentage of GDP is on track to exceed its previous record, set in 1946. War-time debt in the 1940s freaked people out just like today’s debt does."

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