August 22, 2013 | Filed Under Barack Obama, Budget, Congress, Constitution, Democrats/Leftists, Economy/Finances, Entitlements, Ethics, Government, Liberals, President, Progressives, Taxes, Warner Todd Huston | Comments Off
-By Warner Todd Huston
As of fiscal 2012, the official debt of the United States of America now stands at $1.087 trillion. That is a heck of a credit card bill!
This is the determination of the Congressional Budget Office which recently released updated historical budget data for the federal government.
This isn’t a one-off deficit, either. This marks the fourth straight year that the deficit has topped a trillion dollars.
As CNS reports,
Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943–which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.
In 2012 the government had a tax revenue intake of $2.4502 trillion and spent about $3.5371 trillion.
“In fiscal 2011, the deficit was $1.2956 trillion, according to the CBO; in fiscal 2010, it was $1.2935 trillion; and, in fiscal 2009, it was $1.412.7 trillion,” CNS noted.
And Obama’s deficit spending is the worst since World War II. “As a percentage of GDP, the deficits for fiscal years 2009-2012 were greater then the federal deficits in any year since World War II.”
So, what do you think? Many say that deficit spending is not a problem. Do you think that? Tell us below.
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Warner Todd Huston is a Chicago based freelance writer. He has been writing opinion editorials and social criticism since early 2001 and before that he wrote articles on U.S. history for several small American magazines. His political columns are featured on many websites such as Andrew Breitbart’s BigGovernment.com, BigHollywood.com, and BigJournalism.com, as well as RightWingNews.com, MrConservative.com, CanadaFreePress.com, StoptheACLU.com, Wizbang.com, among many, many others. Mr. Huston is also endlessly amused that one of his articles formed the basis of an article in Germany’s Der Spiegel Magazine in 2008.
For a full bio, please CLICK HERE.
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