Is the Deficit a Friendly Giant After All? Allan Meltzer 10.1184/R1/6706334.v1 https://kilthub.cmu.edu/articles/journal_contribution/Is_the_Deficit_a_Friendly_Giant_After_All_/6706334 <p>Much of the postwar fiscal history of the federal government can be written in three sentences: receipts have remained between 16% and 20% of GDP; spending as a share of GDP has increased persistently; a growing budget deficit is the result.</p> 2011-08-01 00:00:00 Business Management