If GDP were growing at 3-4% a year, the U3 unemployment rate was closer to 5% and the U6 was around 10% what would the deficit likely be? Or are other factors also important in the deficit?
Under Bush, when the economy was doing ok in some regards, the deficit was about 1-3% of GDP rather than the 8-10% it is at now.
Would the deficit go back down to 1-3% of GDP if the economy recovered? Or do mandatory spending like medicare, medicaid and SS end up pushing the deficit back up anyway?