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By Catholic Online (NEWS CONSORTIUM)

10/31/2013 (1 year ago)

Catholic Online (www.catholic.org)

Only exception was the one government ran in 1943, during World War II

Save for one brief period during 1943, at the height of World War II, U.S. President Barack Obama has presided over five of the six largest annual budget deficits in the country's history.

These characters from 1943 are doffing their hats to a future America where the deficit runs at least five times as high under the reign of President Obama.

These characters from 1943 are doffing their hats to a future America where the deficit runs at least five times as high under the reign of President Obama.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/31/2013 (1 year ago)

Published in Politics & Policy

Keywords: Deficits, World War II era, Vietnam War era, President Obama


LOS ANGELES, CA (Catholic Online) - According to the Monthly Treasury Statement for fiscal 2013, which ended September 30, the deficit was $680.276 billion. In contrast, fiscal 2012, the deficit was $1.089193 trillion; in fiscal 2011, it was $1.296791 trillion; in fiscal 2010, it was $1.294204 trillion; and, in fiscal 2009, it was $1.415724 trillion.

The last full year that George W. Bush was president, the deficit was $454.798 billion in 2008.

Even when adjusted for inflation, the $680.276 billion fiscal 2013 deficit is only exceeded by one pre-Obama deficit - the one the U.S. government ran in 1943, during the height of World War II. The deficit was $54,554,000,000 - or $738,367,890,000 in inflation-adjusted 2013 dollars.

It's staggering: The 2013 deficit of $680.276 billion has exceeded the other annual deficits of the World War II era as well as the annual deficits that the U.S. government ran during World War I, the Vietnam War, or the final years of the Cold War.

Elected on November 4, 2008, Obama was elected a little over a month after the beginning of fiscal 2009. He was inaugurated on Jan. 20, 2009, almost four months into fiscal 2009. On Feb. 17, 2009, less than a month into his first term, and less than five full months into fiscal 2009, he signed the American Recovery and Reinvestment Act-an "economic stimulus" law that the Congressional Budget Office has estimated would increase the deficit by $833 billion over ten years.

HISTORICAL BUDGET DEFICITS:

Year                Deficit

2013              680,276,000,000

2012              1,089,193,000,000

2011              1,296,791,000,000

2010              1,294,204,000,000

2009              1,415,724,000,000

2008             454,798,000,000

2007             161,527,000,000

2006             248,197,000,000

2005             318,746,000,000

2004             412,845,000,000

2003             377,139,000,000

2002             157,791,000,000

2001             (127,276,000,000) [surplus]

2000              (236,917,000,000) [surplus]

1999             (124,360,000,000) [surplus]

1998             (69,242,000,000) [surplus]

1997             21,957,000,000

1996             107,431,000,000

1995             163,952,000,000

1994             203,186,000,000

1993             255,051,000,000

1992             290,321,000,000

1991             269,238,000,000

1990             221,036,000,000

1989             152,639,000,000

1988             155,178,000,000

1987             149,730,000,000

1986             221,227,000,000

1985             212,308,000,000

1984             185,367,000,000

1983             207,802,000,000

1982             127,977,000,000

1981              78,968,000,000

1980              73,830,000,000

Vietnam Era

Current Dollars; 2013 Dollars

1968             25,161,000,000            
1969                294,000,000

World War II Era

Current Dollars; 2013 Dollars

1946               15,936,000,000                                              191,353,770,000

1945               47,553,000,000                                            618,582,630,000

1944               47,557,000,000                                            632,694,550,000

1943               54,554,000,000                                            738,367,890,000

1942               20,503,000,000                                            294,524,970,000

1941               4,941,000,000                                             78,702,740,000

World War I Era

Current Dollars; 2013 Dollars

1919                      13,363,000,000                                    180,863,180,000

The annual deficit numbers for 1997-2013 come from the Monthly Treasury Statements. the annual deficit numbers for 1919 through 1996 come from the Historical Tables of the Office of Management and Budget.

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