The financial crisis of 2008 led to massive federal spending in an effort to stimulate the economy. The combination of the new federal spending and the automatic stabilizers led to:
(a) the largest budget deficit since World War II.
(b) the highest rate of inflation since the Great Depression.
(c) a higher government debt-to-GDP ratio than at any time in American history.
(d) a deficit that is expected to remain permanently at ten percent or more of GDP.

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