At first glance, you would think that CNN understands the significance of the calamity the United States is in, as it reported today that “White House projects record deficit for 2009″. But after reading the article, their incompetence to report on such matters becomes readily apparent.

Let’s recap the CNN article to see if they got anything right.

The fiscal year begins October 1, 2008.

RIGHT! Good job CNN!

The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.

WRONG! - The federal deficit is the amount by which our national debt increased from year to year. The other revenue sources CNN is referring to is the social security premiums we pay. They conveniently count them on the way in, but ignore them on the way out.

White House spokeswoman Dana Perino said the stimulus package was necessary, even if it increased the deficit.

WRONG again, but let’s ding White House spokeswoman Dana Perino for this one. Even if we buy into a necessary stimulus package, you still need a way to pay for it. Let’s start with firing Dana Perino to help fund part of the stimulus package.

President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.

WRONG again, and CNN gets credit for this one. Check the numbers! The national debt increased $18 billion dollars between September 2000 and September 2001. That $18 billion dollar INCREASE in the national debt is the DEFICIT that Bush inherited when he took office. The United States has not had a budget surplus since 1957.

If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver and bronze.

RIGHT. In fact, over the last 8 years under Bush, the National Debt has increased from $5.6 trillion in 2000, to a whopping $9.5 trillion today, and growing. That’s a near 70 percent increase in the size of the national debt under the Bush administration.

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The United States has not had a balanced budget since 1957.