We have deficits and debts on the brain today. The federal deficit for the first four months of fiscal 2010 just clocked in at $430.7 billion. That’s 8.8% higher than the year-ago figure.

We remember that when the annual deficit hit a record high $430 billion under the second Bush administration, we thought the world was going to end and we’d have to “buy guns, ammo, dry goods, go into hiding, cling to God and wait for the country and the rest of world to collapse.”