Despite what Republicans and the tea party would
like to have Americans believe, taxes, spending and the deficit are all lower
than when President Obama took office.
Another notable figure: When President Bush came
Think Progress:
In January 2009, before President Obama had even
taken the oath of office, annual spending was set to total 24.9 percent of gross
domestic product. Total spending this year, fiscal year 2012, is expected to top
out at 23.4 percent of GDP.
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.
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.
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into office in 2001, he inherited a $281 billion federal budget surplus from the
Clinton administration. By the time Obama took over eight years later, the
deficit was $1.2 trillion. An interesting fact given that conservatives love to
blame Democrats—and in particular Obama—for America’s current economic problems.
—TEB
So what is the deficit now............. ahhhh 14-15 trillion. yeah thats regression not progress