July 13th, 2009Yearly Budget Deficit Tops $2 Trillion
Don’t listen to the Associated Press, who in their latest article stated that “budget deficit tops $1 trillion for the first time”. From their recent article,
The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar…
The mainstream media is generally ignorant about anything related to budget deficits or national debts. A yearly budget deficit is the difference between what we bring in from taxes and what we spend in services. The national debt is the total accumulation of all those deficits. A quick way to find the REAL yearly deficit is to subtract the total national debt from any day in one year from that same day in the previous year. By those realistic calculations, our annual deficit has already topped $2 trillion. Here are a few snapshots from the United States Treasury website.
The national debt (portions of which are not hidden) is already at $11.524 trillion. It was $9.502 trillion one year ago today. The Associated Press has it wrong. The annual budget deficit did not just break the $1 trillion dollar record. It took a giant leap beyond that record and jumped to over $2 trillion dollars!
Way to go Obama! Let’s see if you can hit the $10 trillion dollar mark before you leave office!!