Instapundit linked up this interesting fact-check on the "balooning deficit":

As a percentage of the gross domestic product -- which many economists consider a better measure than simple dollar amounts -- the currently projected deficit, at 4.2 percent according to the Congressional Budget Office or 4.5 percent according to the Bush administration, is equal to or smaller than those recorded in six years during the 1980s and 1990s.

No coincidence the six years chosen were recession years.

The deficit and debt don't worry me, mostly because:

• We own most of it. I'd rather voluntarily give the government my money and earn interest on it than have it taken from me in taxes.
• As noted above, percentage-wise it's just not that big. International figures are not included, but as I recall France, Germany, and Japan are all running deficit percentages much higher than this.

Do I like deficits? Nope. I'm very disappointed that Bush has turned into a typical "dollars are meant to be spent" politician. But it does give a nice stick-check to the Chicken-Littles who think the deficit is going to cause the roof to cave in.