When should we panic about the deficits and debt?

Obama and Congress have been trying to fund some component of a recovery to keep the US from sinking deeper into economic downturn, and the numbers are staggering and hard to digest. But here is what I have found (beyond hyperbolic punditry).

As part of the tax structure under Reagan, the debt increased from $908B in 1980 to $2,600B in 1988. Net, that would be $1,692B increase. Inflation adjusted from 1984 dollars, that would be $3,452B dollars to pull us out of the 82/83 recession and juice the economy.

Under G.H. Bush and his recession, the debt increased from $2,600B to $4,065B in 1992. Net, that would be $1,465B increase. Inflation adjusted from 1990 dollars, $2,417B.

2000-2008, the debt increased from $5,674B to $10,025B. Net, that would be a $4,351B increase recovering from the 9/11 downturn... technically a truly luke-warm, single quarter recession. Inflation adjusted from 2004 dollars, $4,917B.

2009-2010 increase in debt: $3,100B (just checked the debt clock)

2009-2015 increase in debt: $9,575B (based on a Treasury report to Congress) In inflation adjusted dollars, that could be around $8,200B - depending on inflation and dollar valuation changes.

That sounds really big and lots of spending to get us out of the most significant recession since the Great Depression. We also have with the lowest tax rates since WWII.

Deficit spending during the terms of these 4 Presidents in terms of GDP at their mid-term:

Reagan - 44.0% (based on 1984)

G.H. Bush - 23.5% (based on 1990)

G.W. Bush - 37.8% (based on 2004)

Obama (through 2015, using 2013 CBO GPD estimates and $8,200B) - 49.1%

Debt accumulation is projected to be slightly higher, in terms of our economy, than Reagan.

The top nominal tax rate under Reagan, 50%.

The top nominal tax rate under Obama, 35%.

Total federal tax receipts in terms of total US GDP:

Under Reagan (1980-1988), 18.3%

Under Obama (2009-2015), 17.3%

Using the tax structure under Reagan would have meant another $1,120B in revenue through 2015. That would reduce Obama's GDP deficit spending for economic recovery to less than Reagan had for the 82/83 recession and his entire presidency.

-The spending isn't as rampant as it appear based on the size of our economy, inflation, and the magnitude of the economic problem.

-The accumulation of debt is disturbing should change, but it seems the deficits are also fueled by tax revenue being at it's lowest point since WWII.

All I want for Christmas is the tax structure under Reagan. Would you agree, or should we just panic?

http://www.reuters.com/article/idUSN08846252010060...

http://www.westegg.com/inflation/

http://www.treasurydirect.gov/govt/reports/pd/mspd...

http://www.usdebtclock.org/

http://www.cbo.gov/ftpdocs/100xx/doc10014/Appendix...

http://www.taxpolicycenter.org/taxfacts/displayafa...