Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/31/2013 (5 months 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.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/31/2013 (5 months 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.

A birth foretold: click here to learn more!

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Politics & Policy

IN SCHOOLS, BARS, CHURCHES: Georgia signs into law 'guns everywhere bill' Watch

Image of The new law

By Catholic Online (NEWS CONSORTIUM)

In schools, in bars and in churches: People in the state of Georgia will be able to carry their guns with them everywhere, after a provision that has been called the "guns everywhere bill" was signed into law by the governor this week. LOS ANGELES, CA (Catholic ... continue reading


Texas Lt. Gov threatens action if BLM attempts to seize Texas land Watch

Image of Texas Lt. Gov. David Dewhurst has said he will fight the Obama administration if they try to seize Texas land.

By Catholic Online (NEWS CONSORTIUM)

Texas Lt. Gov. David Dewhurst has added his name to the list of people disgusted with the Bureau of Land Management's scheme to seize over 90,000 acres of land from Texas without compensation. AUSTIN, TX (Catholic Online) - Texas Lt. Gov. David Dewhurst had some harsh ... continue reading


Congress appalled at Obama administration's 'stunning disregard for law' Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Appalled by the Obama administration's attempt to "rewrite the Affordable Care Act on a wholesale basis," some members of Congress are calling the White House on the carpet for their "stunning disregard for the law." LOS ANGELES, CA (Catholic Online) - The ... continue reading


Study finds the American Republic has turned to Oligarchy Watch

Image of The Republic is dead, thanks to money and corruption.

By Catholic Online (NEWS CONSORTIUM)

A new study finds that the Republic is dead and that the United States government has become an oligarchy, even if its preliminary findings stop just short of declaring so. The study reveals that average American citizens have lost their political voice entirely and ... continue reading


Supreme Court rules affirmative action in Michigan's college admissions is unconstitutional Watch

Image of The ruling focused on a voter-passed proposal that banned the use of race in admissions decisions at public universities.

By Catholic Online (NEWS CONSORTIUM)

Hailed as a milestone in a decades-long discourse, the Supreme Court has upheld a ban on the use of race in admission decisions at Michigan's public universities. Marked by protests in the streets of Ann Arbor and previous Supreme Court rulings, it was noted ... continue reading


Is affrimative action dead? SCOTUS rules on who can decide the issue Watch

Image of A ruling by the Supreme Court allows states to decide on whether they use a race-conscious policy in admitting students to advanced public education.

By Catholic Online (NEWS CONSORTIUM)

The Supreme Court struck a blow against those seeking to trample on the rights of states, upholding a Michigan voter initiative which banned racial preferences when considering admission into one of the states' public universities, on April 22. LOS ANGELES, CA ... continue reading


Exxon Mobil must pay the piper: High court rejects appeal on $105 million verdict Watch

Image of MTBE is an oxygen-containing substance that is added to gasoline to promote more complete combustion and reduce air pollution.

By Catholic Online (NEWS CONSORTIUM)

They were found guilty way back in 2009 and now must pay for their transgressions. The U.S. Supreme Court has declined to overturn a $105 million verdict against Exxon Mobil for contaminating drinking wells in the New York City borough of Queens. LOS ANGELES, CA ... continue reading


He just keeps coming and coming! Highest - and longest period of taxation proposed by President Obama Watch

Image of Under Obama's budget proposal, according to the CBO, the budget will never balance.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama ... continue reading


A new Civil War? Lawmakers meet to discuss taking back federal lands for the states Watch

Image of Lawmakers met in Salt Lake City to discuss how the federal government has been using lands in the Western states.

By Catholic Online (NEWS CONSORTIUM)

Lawmakers from the Western states gathered in Salt lake City last Friday to discuss what happened on the Bundy ranch in Nevada and to say that it is time for the states, not the federal government, to manage those resources for the good of their people. LOS ANGELES, CA ... continue reading


INCOME TAXES? 'If it reaches a certain point, perhaps you should revolt,' Justice Scalia tells students Watch

Image of Justice Scalia told the students that the justices do not give credence to partisan politics, and that he doesn't care which party controls the White House. He stands by a theory of

By Catholic Online (NEWS CONSORTIUM)

It came as a most bit of unorthodox advice, from a lawmaker to an audience of impressionable minds. While speaking at the University Of Tennessee College Of Law last week, Supreme Court Justice Antonin Scalia was asked by a student about his interpretation of ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Peter 5:5-14
5 In the same way, younger people, be subject to the ... Read More

Psalm, Psalms 89:2-3, 6-7, 16-17
2 for you have said: love is built to last for ever, ... Read More

Gospel, Mark 16:15-20
15 And he said to them, 'Go out to the whole world; ... Read More

Saint of the Day

Saint of the Day for April 25th, 2014 Image

St. Mark
April 25: The second Gospel was written by St. Mark, who, in the New ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter