Pres Obama Presided Over 5 of 6 Biggest Deficits Ever

Pres Obama is now on record for presiding over five of the six biggest federal deficits in history.

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.

At least we're finally overspending less that a trillion/year.  When was that 5th-biggest deficit of all time?

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.

That means that the last time we overspent by as much as we routinely overspend today was when we were fighting the biggest war in history.  If that doesn't sound reasonable, that's because it isn't.

Remember when Sen Obama (D, IL) promised a "net spending cut"?  You didn't actually believe that, did you?




Because this is what actually happened.

2008 -- $2,982.5 Billion
2009 -- $3,517.7 Billion
2010 -- $3,457.1 Billion
2011 -- $3,603.1 Billion
2012 -- $3,537.1 Billion
2013 -- $3,454.3 Billion

Does this look like a "net spending cut" to anyone?  It's possible that under some definition of "net spending cut", the result would fit, but I can't think of one.  It makes me think of this line from "The Princess Bride".



These days, Pres Obama equates the desire to cut federal spending with mental illness.

That includes the obsession with cutting just for the sake of cutting. That hasn’t helped our economy grow; it’s held it back.

See?  It's an obsession!  One could even say, a compulsion!  By the way, how does he know that cuts in federal spending have held our economy back?  When did we actually cut spending by any significant percentage?  And, doesn't that mean that Sen Obama (D, IL) was equally crazy in 2008?

On top of that, he brags about reducing the federal deficit.

Remember, our deficits are getting smaller — not bigger. On my watch, they’re falling at the fastest pace in 60 years

So, after racking up the four biggest deficits in history, he brags that he racked up the 6th biggest deficit in history.

Sounds reasonable.

After all, as of 3 Nov 2013, we're only $17,156,117,102,204.49 according to the US Treasury.  Clearly, those who object to adding a few more $Trillion to the pyre are insane.

Fear not, reasonable citizen.  Those trillions are on their way.  The chart above, though accurate, vastly understates the problem, because it doesn't take into account the $Trillions the US federal government has promised its own citizens, which it can't afford.  These are called unfunded liabilities.  No one seems to agree on how much they actually total, but one thing's for sure, the totals are staggering. 

In 2011, USA Today published that...

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

In 2012, The Wall Street Journal published that...

The actual liabilities of the federal government—including Social Security, Medicare, and federal employees' future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. 

The totals will only grow as time goes on.  So, by all means, let's listen to Pres Obama (Version 2013) and not Sen Obama (Version 2008).  Let's keep spending wantonly.  After all, it's only money.  Right?