a little bit of this, a little bit of that, a little more of …

Just another WordPress.com site

Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office

Via: Thing Progress

SPENDING:

Via:Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.

In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of GDP.

Total spending this year, fiscal year 2012, is expected to top out at 23.4 percnt GDP.

~

TAXES:

Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP.

This year? 15.8 percent.

~

DEFICIT:

One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP.

This year’s deficit is expected to come in at 7.6 percent.

~

BOTTOM LINE:

The fact is that Obama inherited a disaster of a federal budget.

Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion SURPLUS. By the time Obama was sworn in, he was facing a $1.2 trillion DEFICIT.

Inconvenient though it may be for conservatives (especially those who are running for president), the truth is that spending, taxes and the deficit are all lower today than when President Obama took office.

http://thinkprogress.org/economy/2012/05/15/484767/obama-budget-chart/

***

personal thought:

I hope when you hear the bull-sh*t from the GOP/teabagger/libertarian Party in the run-up to the election, you will remember these numbers.

.

.

May 16, 2012 - Posted by | 2012, GOP morons, President Obama, Romney, teabaggers | , , , , , , , , , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 325 other followers

%d bloggers like this: