WHY HASNT THE DEBT BEEN CUT IN 1/2 AS PROMISED BY OBAMA? Home » News Obama Has Presided Over 5 of 6 Largest Deficits in U.S. History October 31, 2013 - 12:26 AM By Terence P. Jeffrey Subscribe to Terence P. Jeffrey RSS 1030 210 (CNSNews) - President Barack Obama has now presided over five of the six largest annual budget deficits the U.S. government has ever run, according to data released yesterday by the U.S. Treasury. In fiscal 2013, which ended Sept. 30, the deficit was $680.276 billion, according to the Monthly Treasury Statement released Wednesday. In fiscal 2012, the deficit was $1.089193 trillion; in fiscal 2011, it was $1.296791 trillion; in fiscal 2010, it was $1.294204 trillion; and, in fiscal 2009, it was $1.415724 trillion. In fiscal 2008, the last full year that George W. Bush was president, the deficit was $454.798 billion. Even when adjusted for inflation, the $680.276 billion fiscal 2013 deficit is only exceeded by one pre-Obama deficit--the one the U.S. government ran in 1943, during the height of World War II. That year, the deficit was $54,554,000,000--or $738,367,890,000 in inflation-adjusted 2013 dollars. The 2013 deficit of $680.276 billion exceeded the other annual deficits of the World War II era as well as the annual deficits that the U.S. government ran during World War I, the Vietnam War, or the final years of the Cold War. In fiscal 1919, which began on July 1, 1918, the U.S. government ran its greatest deficit of the World War I era, according to data published by the Office of Management and Budget. It was $13.363 billion in 1919 dollars, or $180.863 billion in 2013 dollars, according to the Bureau of Labor Statistics inflation calculator. In 1968, the U.S. ran it greatest annual deficit of the Vietnam era. It was $25.161 billion in 1968 dollars, or $169.294 billion in 2013 dollars. In 1986, three years before the Berlin Wall came down, the U.S. ran its largest deficit in the final years of the Cold War. It was $221.227 billion in 1986 dollars, or $472.628 billion in 2013 dollars. Since 1976, the U.S. government’s fiscal year has run from Oct. 1 to Sept. 30. Before that, it ran from July 1 to June 30. President Barack Obama was elected on Nov. 4, 2008, a little over a month after the beginning of fiscal 2009. He was inaugurated on Jan. 20, 2009, almost four months into fiscal 2009. On Feb. 17, 2009, less than a month into his first term, and less than five full months into fiscal 2009, he signed the American Recovery and Reinvestment Act—an “economic stimulus” law that the Congressional Budget Office has estimated would increase the deficit by $833 billion over ten years. HISTORICAL BUDGET DEFICITS: Year...........Deficit 2013 680,276,000,000 2012 1,089,193,000,000 2011 1,296,791,000,000 2010 1,294,204,000,000 2009 1,415,724,000,000 2008 454,798,000,000 2007 161,527,000,000 2006 248,197,000,000 2005 318,746,000,000 2004 412,845,000,000 2003 377,139,000,000 2002 157,791,000,000 2001 (127,276,000,000) [surplus] 2000 (236,917,000,000) [surplus] 1999 (124,360,000,000) [surplus] 1998 (69,242,000,000) [surplus] 1997 21,957,000,000 1996 107,431,000,000 1995 163,952,000,000 1994 203,186,000,000 1993 255,051,000,000 1992 290,321,000,000 1991 269,238,000,000 1990 221,036,000,000 ..- See more at: cnsnews/news/article/terence-p-jeffrey/obama-has-presided-over-5-6-largest-deficits-us-history#sthash.TvVZLbj1.9eT9Bi7L.dpuf
Posted on: Sun, 03 Nov 2013 03:15:58 +0000
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