Posted on 10/16/2009 2:12:34 PM PDT by Bobkk47
The Obama administration on Friday said the government ran a $1.42 trillion deficit in fiscal year 2009.
That made it the worst year on record since World War II, according to data from the Treasury and the White House Office of Management and Budget.
Tax receipts for the year fell 16.6% overall, while spending soared 18.2% compared to fiscal year 2008. The causes: rising unemployment, the economic slowdown and the extraordinary measures taken by lawmakers to stem the economic meltdown that hit in fall 2008.
Consequently, the annual deficit rose 212% to the record dollar amount of $1.42 trillion, from $455 billion a year earlier.
As a share of the economy, the deficit accounted for 10% of gross domestic product, up from 3.2% in 2008. As breath-taking as that may be, it's still not in the same stratosphere as the 1945 deficit, which hit 21% of GDP.
(Excerpt) Read more at money.cnn.com ...
So Obama is blaming the "government?"
The last Republican Congress budget was for fiscal 2008 and that only had a $160 billion dollar deficit and the trend was a decreasiong deficit.
There’s only one of two ways Bammy and the socialists can get this massive deficit down. Drastically cut spending or...drastically raise taxes. Hmmm let’s see, which one will it probably be...Gee I don’t know, I’ll let you guys figure it out.
When the 2003 tax cuts expire at the end of 2010 the federal income tax rates go back up to the higher federal income tax rates of the year 2000. Raised taxes are a given. All income levels are about to get slammed. I’ll be less $4K cash per year because of that jackass!
bookmark.
And that is why the RNC no longer gets a single dime from me.
The MSM was screaming like it was the end of the world when we had 300 Billion dollar annual deficits under GWB
Now that we have an annual deficit 5x that, the MSM doesn’t utter a word.
If fact, they’re telling us the recession is over as the Unemployment rate is nearing 10%
The MSM is either MIA or complicit.
Or both.
Read this Huff post article:
http://www.huffingtonpost.com/2008/07/28/bush-leaving-next-preside_n_115335.html
They were crying because Bush left the country with a $482 Billion deficit. What are they saying now about the deficit?(crickets chirping)
The Democrats took control of the Congress in Jan. 2007, so the GOP did not write the 2008 budget. What was it in 2007?
In reality, the GOP did not write the 2007 budget either, since the Dems took over in January, and the budget is always late. What was it in 2006?
And the value of the dollar is what compared to the dollar in 1945. In real terms we are screwed.
The list, ping
Change. Obama delivers.
What's left in our pockets :)
You're right I made a mistake. It was the fiscal 2007 budget.
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