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As of fiscal 2012, the official debt of the United States of America now stands at $1.087 trillion. That is a heck of a credit card bill!
(See also: Why Work When Welfare Pays Better?)
This is the determination of the Congressional Budget Office which recently released updated historical budget data for the federal government.
This isn’t a one-off deficit, either. This marks the fourth straight year that the deficit has topped a trillion dollars.
As CNS reports,
Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943–which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.
In 2012 the government had a tax revenue intake of $2.4502 trillion and spent about $3.5371 trillion.
“In fiscal 2011, the deficit was $1.2956 trillion, according to the CBO; in fiscal 2010, it was $1.2935 trillion; and, in fiscal 2009, it was $1.412.7 trillion,” CNS noted.
And Obama’s deficit spending is the worst since World War II. “As a percentage of GDP, the deficits for fiscal years 2009-2012 were greater then the federal deficits in any year since World War II.”
So, what do you think? Many say that deficit spending is not a problem. Do you think that? Tell us below.
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