Break Out the Party Hats!
Great news, everyone! The Office of Management and Budget says that this year’s deficit is slated to come in at only $759 billion!
Looking at the inflation-adjusted numbers for our annual deficit, year by year . . . $500 billion used to be considered a really big annual deficit. We hit that in 2004; unadjusted for inflation, it came in at $413 billion. Back in 1991, the year’s deficit came in at $453 billion. So a half a trillion was the pre-Obama all-time high.
Now look at the Obama era:
2009: $1.5 trillion
2010: $1.36 trillion
2011: $1.32 trillion
2012: $1.1 trillion
In other words, Obama’s best year is 50 percent worse than it’s ever been before.