Report: Under Obama, Taxes, Deficit and Spending All Down
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.
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.
Another notable figure: When President Bush came 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