(an honest conservative newsweekly, which endorsed John Kerry over George Bush) puts the cost of Bush's deficits into perspective:
According to William Gale and Peter Orszag of the Brookings Institution, a think-tank, America’s budget deficits are likely to average about 3.5% of GDP for the remainder of the decade. As the government continues to gobble up America’s scanty savings, it will crowd out the investment on which America’s prosperity depends. By 2014, reckon Messrs Gale and Orszag, the deficits will have reduced America’s wealth by roughly 20-30% of GDP. That is no good in anyone’s textbook.