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It's official: 2009 U.S. deficit is astronomically large

For a few brief moments today, the CNN top story was that the Obama administration officially announced a $1.42 trillion deficit in fiscal year 2009. While perhaps not news to anyone paying attention over the last six months, it still made for a stark image on the front of CNN.com.

deficit.png

The full text of the article can be found here.

The magnitude of these numbers is staggering. I remember under Reagan when the deficit was in the billions and the debt itself grew to more than a trillion dollars. It was widely regarded as the end of the American economy. Now the yearly budget deficit is in the trillions. Even accounting for inflation, that is almost incomprehensible. The CNN article attempts to put it in perspective:

In August, the OMB projected a 10-year deficit of $9 trillion, assuming President Obama's 2010 budget proposals are put in place.

A deficit of that magnitude means the debt held by the public would approach 82% of gross domestic product. That's double the 41% recorded in 2008.

Most budget experts blanch at the thought, especially given that the country's fiscal future was already a source of concern before the economic crisis because of expected shortfalls over time in funding for Medicare and Social Security.

Of course, this really shouldn't be news to anyone. Back on March 24th the Heritage Foundation published a comparison between the Bush and Obama deficits. The graph from that article has been posted countless times by numerous bloggers. With the announcement made today by the Obama administration, the predictions have become reality and even CNN couldn't avoid publishing the results.


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Comments (10)

Hmmmff! And the catchphrase... (Below threshold)
914:

Hmmmff! And the catchphrase in the enlightened beltway elite was " Bush is none too smart". Compared to the Wun.. He's was a financial wiz..

914, you'll notice the defi... (Below threshold)
John Irving:

914, you'll notice the deficit resulting from the dot-com bubble, 9/11, and a major war was still in the process of shrinking until 2007, when the Democrats took over Congress.

This, along with Afghanistan, DA/DT, middle-class tax increases, etc, pretty much proves everything Obama and his fervent supporters stated during the election was an outright lie.

Our forefathers gave us fre... (Below threshold)
Bob:

Our forefathers gave us freedom and a blueprint for limited government serving the interest of all citizens. In turn, we are in the process of establishing a government of the special interests, by the special interests and for the special interests, funded by massive deficits that mortgage our children and grandchildren's future earnings. Way to go Barry!

ah, but remember...the stim... (Below threshold)

ah, but remember...the stimulus and all their other financial wizardry is:

"working BETTER than expected!"
Joe Biden (D-Wonderland)

I'm sure that SAUD, VIC, et... (Below threshold)
GarandFan:

I'm sure that SAUD, VIC, et al will soon regal and impress us with the financial wizardry being displayed by Obama, Pelsoi and Reid.

Bush deficits=badO... (Below threshold)
howcome:

Bush deficits=bad

Obama deficits=Bush's fault, except the good parts or something.

I would like nothing more t... (Below threshold)
drjohn:

I would like nothing more than to slap Barack Obama upside the head each time he says "I inherited this mess."

It is a ridiculous statement and the media lets him slide every single time. Barack Obama was in the US senate for four years. It is true that he did next to nothing other than run for President.

He did not vote against any of the big spending budgets. He did not vote for any spending cuts. Obama and the Democrats controlled the spending since 2006 and only made Bush's budgets larger.

So the next time Obama whines about "inheriting" this mess, someone ought to tell him to shut the hell up since he contributed to it.

re 5:Still a lot o... (Below threshold)
epador:

re 5:

Still a lot of pins dropping, eh?

Thanks George W. Bush!... (Below threshold)
liberal troll:

Thanks George W. Bush!

Bankrupt and break america ... (Below threshold)
Flu-Bird:

Bankrupt and break america a second GREAT DEPRESSION is on its way brought about by evil tax and spend liberal demacrats




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