U.S. Deficit Biggest Since 1945
Posted on October 17th, 2009 by MoverMike
This is a stunning image courtesy of JS MineSet website :
Obama administration closes the books on fiscal 2009: Falling revenue plus soaring spending leads to a $1.42 trillion deficit.
It’s not going to get better. Projected deficits for the out years:
$1.4 trillion: 2010 deficit (Projection by Congressional Budget Office)
$974 billion: 2011 deficit (projected)
$633 billion: 2012 deficit (projected)
If we look at total debt as a percentage of GDP:
NATIONAL DEBT TO GDP (All figures for 2008):
40.8 percent: United States (soon to be over 100% and some argue that the present value of all U.S. debt is over $60 Trillion)
90.2 percent: Belgium
107.9 percent: Greece
60.6 percent: UK
54.2 percent: France
38.9 percent: Germany
GOT GOLD?
Just to be Clear, the Obama administration closed the books on the 2009 Fiscal year, which was funded and budgeted by G.W. Bush.
The $1.4T projected for this year in W’s 2009 Budget, was projected months before Obama took office in Jan. of 2009.
The first Obama budget is for Fiscal year 2010.
It took Reagan nearly 3 years and a tripling of the deficit to get us out of the little recession he faced…
Hopefully, Obama can do it quicker and without tripling the deficit!
Not so fast Kemosabe: According to Robert L. Borosage
Co-Director of the Campaign for America’s Future -
“Tossed out between the Superbowl and Super Tuesday, dead on arrival in a Democratic Congress, President Bush’s last budget will sink without a ripple. But since John McCain and his rivals for the Republican nomination all pledge allegiance to Bush’s policies, it is worth taking a short look at the implications.
A budget, after all, is a statement of values. Where your purse is so there is your heart, we are taught. The budget provides a snapshot of what the president considers to be national priorities. In his $3.1 trillion annual budget for FY 2009, with a deficit of $400 billion borrowed from the future, Bush tells us what is important.
http://www.huffingtonpost.com/robert-l-borosage/read-it-and-weep-bushs-la_b_85044.html