Good News! FY 2009 Deficit only 1.4 Trillion

Let the spin begin. The Bush deficit was already 1.3 Trillion. It was projected to be 1.85 by CBO and then revised to 1.5 at mid-year so the administration is doing good.

There is just one problem and everyone needs to point this out at every opportunity. Under the US constitution, the budget, and therefore the long-term fiscal health of the nation, is solely the responsibility of Congress. The Democrats have controlled Congress since 2006. The President proposes and Congress disposes. The President is the CEO but all he/she has is the bully pulpit. The office of President can not pass a single bill or spend one cent not approved by Congress. Too few people pay attention to who gets elected to Congress. Congress spends your money, sets your taxes, and passes laws that all future generations will have to live under.

Register, if you haven’t already, and VOTE in 2010! Call your Congressperson and Senator and tell them you will vote against them if they vote for Healthcare Reform or Cap and Trade. Party affiliation will not save them.

You don’t think your one vote will make a difference? Ah, but Ben Franklin said it was our responsibility to keep our republic. Still not convinced? Then do it for these people. They gave all and we know few of their names. But you owe them so do your duty! One did not make a difference – the total won it all.

If you still lack motivation, read the rest of the numbers – and weep for your children and grandchildren. Nov. 2, 2010 Nov. 9, 2009 2010 can not come soon enough. (Yes teacher, I wrote “Election day is the first Tuesday after the first Monday in November! fifty times. Can’t even use the wrong year excuse…)

DEFICITS, DEFICITS:

$459 billion: 2008 deficit
$1.4 trillion: 2009 deficit, highest on record
$1.4 trillion: 2010 deficit (Projection by Congressional Budget Office)
$974 billion: 2011 deficit (projected)
$633 billion: 2012 deficit (projected)
$1.2 trillion: 2019 deficit (projected)

BIGGEST DEFICITS AS PERCENTAGE OF GDP, SINCE 1940:

10 percent: 2009 deficit
3.2 percent: 2008 deficit
6 percent: 1983 deficit
21.5 percent: 1945 deficit
30.3 percent: 1943 deficit

WHEN HAS THE NATION RUN A SURPLUS?

12: Number of years since 1940 the United States has run a budget surplus
28: Number of years the budget was in deficit, 1970-1997
4: Number of years the budget was in surplus, 1998-2001
$70 million: Cumulative U.S. surplus from 1789-1849
$1 billion: Cumulative U.S. debt from 1850-1900

NATIONAL DEBT, HIGHS AND LOWS:

29.6 percent: National debt — the total of annual deficits — as a percentage of GDP in 1790
2.7 percent: Debt as percentage of GDP in 1916, lowest since 1900
33.4 percent: Debt as percentage of GDP in 1919, after World War I
112.7 percent: Debt in 1945
24.6 percent: Debt in 1974, a postwar low
51 percent: National debt as percentage of GDP, 2009
81.7 percent: National debt by 2019 (CBO estimate)

NATIONAL DEBT TO GDP (All figures for 2008):

40.8 percent: United States
90.2 percent: Belgium
107.9 percent: Greece
60.6 percent: UK
54.2 percent: France
38.9 percent: Germany

MAKE LESS, SPEND MORE:

$419 billion: Drop in federal taxes and other revenue from 2008 to 2009
$543 billion: Increase in spending from 2008 to 2009
$2.1 trillion: Federal revenue in 2009
$3.5 trillion: Federal spending in 2009

PAYING THE PIPER:

$253 billion: Interest paid by government, 2008
$191 billion: Interest in 2009
$799 billion: Projected interest, 2019

INTEREST COSTS COMPARED for 2009:

4.7 percent: Interest as a proportion of federal spending
18.1 percent: Military’s proportion of spending
11.6 percent: Medicare’s proportion

INTEREST COSTS COMPARED for 2019 (White House projections):

14.6 percent: Interest
13.5 percent: Military
16.4 percent: Medicare

Source: AP – at Yahoo News

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