Deficit Triples Since Last Year, Sets New All-Time Record
And oh, by the way, the deficit as a percentage of GDP is at its highest percentage since the massive government spending we saw during WWII a time when we were fighting a global war on five continents.
So don’t let it be said that Obama never accomplished anything.
WASHINGTON – The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.
The imbalance for the budget year ended Sept. 30 more than tripled last year’s record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday.
The sad thing is, I think that the liberals are more worried right now about how to spin this as Bush’s fault than they are focused on how to fix it. If they even want to fix it.
Stop, for a moment, and admire the cognitive dissonance on display in that first paragraph of the article and compare it to this from later in the article:
Failure to curb runaway deficits could trigger a financial train wreck that would push interest rates and inflation higher, and send the dollar crashing if foreigners suddenly started dumping their holdings of Treasury securities.
Essentially, the government has deficit-spent trillions in “economic rescue” schemes from bailouts to TARP to the “stimulus” spending spree. The opening paragraph makes it sound like the government had no choice, and yet the paragraph above from later in the article rightfully points out that these deficits and the debt they’re accumulating pose an economic risk and of themselves.
An economic risk that, frankly, is already being felt as the US dollar value plunges, domestic investors sit on their money and foreign investors steer their capital to other markets.
I’ll not pretend as though our national debt/deficit and spending problem was created over night. Or even just during the Democrat majority since 2007, or the Obama Presidency since January. This problem has been building and compounding for decades, through administrations both Republican and Democrat.
But the manner in which Obama and his current croup of Congressional liberals have tromped on the debt and deficit accelerator isn’t just irritating. It’s irresponsible.
They’ve made our nation less secure, and it’s only going to get worse until something changes.
