That has taken its toll on the UK public finances.
Speaking ahead of the Tory party conference in Manchester this week, Mr Cameron said he was angry that Prime Minister Gordon Brown did not mention the deficit in last week's speech to the Labour Party.
"I think its the height of irresponsibility as a leader of a country," he said.
Mr Cameron also cited some economists predictions that the government will borrow 14% of gross national product next year - double the figure in 1976.
That was when the last Labour government was forced to go to the International Monetary Fund for a bail-out.
"The real danger is not dealing with the deficit, the real danger is pretending it's not there," he said.
The total government debt is also expected to double to 79% of GDP by 2013 - the highest level since the Second World War.
The ratings agency Standard & Poor has warned that the soaring UK public debt levels could lead to the UK's triple-A credit rating eventually being downgraded.
It changed the UK's outlook to negative in May.
A credit rating downgrade would make it more expensive for the UK to borrow on international markets and could jeopardise spending plans
Mr Cameron warned that interest rates and taxes would have to rise to deal with the debt until drastic cuts in public spending were enacted.
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