Most Democrats will blame it on the Bush Administration, of course, while Joe Biden will probably chalk it up to trying to keep us out of bankruptcy. The former should look at the difference between the deficit under Obama ($1.38 trillion) and under Bush ($400 billion), while the latter should be subjected to an IQ test.

Anyway, such is the state of affairs in America’s economy today. We’re losing 200,000 jobs a month, the deficit is over $1.3 trillion, and unemployment is approaching double-digits. And yet Barack Obama is claiming credit for saving us from a deep recession, while the media is singing a rendition of “Happy Days Are Here Again”.

The government in August took in $145 billion in receipts, but $256 billion in outlays led to an overall monthly deficit of $111 billion. That number is better than anticipated — most expectations were that the government had added $162 billion to its tab last month.

The record deficit stems from increased government spending to stop the recession and financial crisis combined with lower government tax revenues.

In late August, the Obama administration projected that the deficit for the full budget year will eventually hit $1.58 trillion.

On top of all of this, we’re now going to spend $1 trillion — adding, according to the CBO, significantly to the deficit — to socialized our nation’s health care system. Sounds like a great idea if our goal is to become the next Weimar Republic.