It’s true that since 1961 the federal budget has run deficits in all but five years. But the resulting government debt has consistently remained below 50 percent of GDP…. Adverse economic effects, if any, were modest. But Obama’s massive, future deficits would break this pattern and become more threatening.
To get a sense of what this looks like, here’s a chart that shows the national debt as a percentage of GDP for the last 40 years and projected into the future.
(Chart H/T Abigail Haddad)