In his call to get government spending under control, Berkshire Hathaway CEO Warren Buffett threw out this scary stat:
We need to look at where we stand historically. If we leave aside the war-impacted years of 1942 to 1946, the largest annual deficit the United States has incurred since 1920 was 6 per cent of gross domestic product. This fiscal year, though, the deficit will rise to about 13 per cent of G.D.P., more than twice the non-wartime record. In dollars, that equates to a staggering $1.8 trillion. Fiscally, we are in uncharted territory.
Meanwhile, As an interesting side note, some are speculating that this editorial may have been what sunk the Chinese market last night.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.