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It should be noted that with regard to record deficit spending, we also had record deficits during the Reagan years in the 1980's - and the economy did quite well by most people's view then and in the 1990's. 

So why not this time, too?  Because in the 1980's, the economy was doing well, but the big deficits were a threat to future prosperity - this time, the big deficits are being used to hold the economy up in the first place at all.  In other words, in the 1980's, the economy was holding up on its own - this time, the deficits are being used to prop up the economy in the first place