It’s Official: 2012 Deficit Was $1.087T; $1T+ All 4 Yrs of Obama’s 1st Term

Well.

This is now.

The Congressional Budget Office last week released updated historical budget data for the federal government, reporting a deficit of $1.087 trillion in fiscal 2012.

2012 marked the fourth straight year—and the only four years in the history of the nation--when the federal government’s deficit topped $1 trillion.

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.

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THIS was then......
"Obama will cut deficit in half FEB 2009"

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Uploaded on Feb 15, 2011

Obama talks about how he will cut the deficit in half during his first term - and why it's so important. Really? The 2008 budget deficit was 458 billion. Obama's proposed new budget for this year has a deficit of 1.1 TRILLION. For God's sake - WTF???

What Went Wrong !

AS usual, the people who hate Obama get all the facts wrong.

www.bloomberg.com...

The federal budget deficit narrowed from more than 10 percent of the gross domestic product at the end of 2009 to 5.7 percent of GDP for the 12 months ended March 31 -- the smallest gap in four years, according to data compiled by Bloomberg.

Oh, and the 2009 budget was the last budget of the GW admin, not the Obama admin.

While the GW admin increased the deficit with every budget they introduced, the Obama admin has shrunk deficit spending.

reply to post by xuenchen


Those figures are a DAMN LIAR.

It is simple to twist and contort figures to the liking of the masses.

When Obama took office the deficit was a little over 10 Trillion Dollars. Currently the national deficit is over 16.7 trillion dollars.

Also make note that the ObamaCare initiative is going to cost about 3 trillion.

Here is another link that has several charts that show how much worse repub admins have been doing than democratic admins.

www.usgovernmentspending.com...

reply to post by poet1b


Sorry the topic is Obama saying he was going to cut the deficit in half was it not ?

Yes it was.

Nice political trolling there deflect,deflect,deflect.

And congress was controlled by the left last 2 years of Bush nice try.

The deficit is declining, and will be less than half of what it was when Obama took office. Every economic model shows this. Fine if you don't like Obama, but at least admit that you are using lies about his policies because it really is him that you don't like...

reply to post by aoxomoxoa


What is the deficit now?

16.7 Trillion dollars.

Explain how this is less than 8 trillion dollars.

Originally posted by aoxomoxoa
The deficit is declining, and will be less than half of what it was when Obama took office.

" Will be.... " Yep ... we hear a lot of that. Never happens though ...

Originally posted by beezzer
What is the deficit now? 16.7 Trillion dollars.
Explain how this is less than 8 trillion dollars.

There ya' go. Direct and to the point.
Instead of cutting the deficit in half .. he doubled it.
No amount of fuzzy math on the part of O-Bots can change that fact.

reply to post by FlyersFan


People should really learn the difference between debt and deficit.

And yes, every scientific economic model shows that the deficit when Obama leaves office will be less than half what it was when he took office.

It looks like Obama will cut the deficit in half in four years, as 2013 will be the fourth year of an Obama admin budget.

www.usgovernmentspending.com...



This clearly shows how bad the GW admin was.

reply to post by beezzer


there is a difference between debt and deficit. You can search online and fibd iut for yourself in less than ten seconds

reply to post by poet1b


Considering there are 50 million on welfare there were 60 million Americans on medicaid until the guy WHO IS THE TOPIC created the Care Act that added 30 million new people on to a program that already can't be paid for, who spent $800 billion dollars from stimulus(Bush didn't do that OBAMA DID) and since the government take over of student loans that now is at $1 trillion dollars.

Keep up with the deflections not a damn grain a truth to them.

Obama has increased the deficit massively, after claiming to cut it.

Originally posted by aoxomoxoa
reply to post by beezzer

 

there is a difference between debt and deficit. You can search online and fibd iut for yourself in less than ten seconds

I did.

Deficit. 16.7 trillion dollars.

reply to post by beezzer


That figure is the debt, not the deficit

Please correct me if I am wrong but the debt is the accumulated yearly deficit in the budget, correct?

Government spends more than it takes in on a yearly basis.

For anyone who rode the short bus; this is a bad thing.

reply to post by neo96


30 million added to what program? Private insurance?

As far as food stamps go, two things: the population is growing, and the Bush/banker/ wall street economy gave us the highest unemployment and poverty in decades.

Originally posted by neo96
reply to post by poet1b

 

Considering there are 50 million on welfare there were 60 million Americans on medicaid until the guy WHO IS THE TOPIC created the Care Act that added 30 million new people on to a program that already can't be paid for, who spent $800 billion dollars from stimulus(Bush didn't do that OBAMA DID) and since the government take over of student loans that now is at $1 trillion dollars.

Keep up with the deflections not a damn grain a truth to them.

Obama has increased the deficit massively, after claiming to cut it.

edit on 18-8-2013 by neo96 because: (no reason given)

Obama has decreased deficit massively. Deficit does not equal debt.

reply to post by neo96


As usual, you don't let the facts get in the way of your opinions. See my post above.

By your point of view, anyone who every collects an insurance payoff is on welfare.

Under the free market scam practically everyone in the country, except for the few at the top of the pyramid had their pension plans robbed. Taking back what was stolen from the middle class is what is needed, not selling our lives to the ICBs.

Originally posted by aoxomoxoa
reply to post by neo96

 

30 million added to what program? Private insurance?

As far as food stamps go, two things: the population is growing, and the Bush/banker/ wall street economy gave us the highest unemployment and poverty in decades.

Care act medicaid expansion because Obama that guy who supposedly hasn't spent all that much(where he HAS)
who forced 30 million Americans to buy a corporate product if they already could have afforded to buy they would have.

Which means other people mainly the middle class will be paying for those programs that CREATE DEBT THAT GET"S ADDED TO THE DEFICIT just like those people who took out student loans can't pay them back because they have no bloody job or works part time can't pay them back that CREATES DEFICIT.

That all get's added to the deficit.

Just like all those people who are on government programs ALL of them are getting more out in benefits, that are paid in because the people who pay for those are working part time or have no bloody job to pay for those benefits that ALL CREATES DEFICITS.

Get the picture ?

Obama has not cut the deficit HE HAS MASSIVELY grown it anyone say he has cut anything are trying to take the rest of us for fools.

Could someone explain how spending an additional 1 trillion dollars above what the government had budgeted for 4 years straight, is a good thing?

A lousy economy.
High unemployment.

YAY Obama!