The deficit projected for 2009 is $482 billion. This is the largest deficit in history. Lined up for us by the Bush administration.
This prompted me to look back at the record since 1960.
|
Year |
Deficit/Surplus |
Cumulative |
Administration |
|
1960 |
301 |
301 |
Kennedy |
|
1961 |
-3,335 |
-3,034 |
Kennedy |
|
1962 |
-7,146 |
-10,180 |
Kennedy |
|
1963 |
-4,756 |
-14,936 |
Kennedy |
|
1964 |
-5,915 |
-20,851 |
Johnson |
|
1965 |
-1,411 |
-22,262 |
Johnson |
|
1966 |
-3,698 |
-25,960 |
Johnson |
|
1967 |
-8,643 |
-34,603 |
Johnson |
|
1968 |
-25,161 |
-59,764 |
Johnson |
|
1969 |
3,242 |
-56,522 |
Nixon |
|
1970 |
-2,842 |
-59,364 |
Nixon |
|
1971 |
-23,033 |
-82,397 |
Nixon |
|
1972 |
-23,373 |
-105,770 |
Nixon |
|
1973 |
-14,908 |
-120,678 |
Nixon |
|
1974 |
-6,135 |
-126,813 |
Ford |
|
1975 |
-53,242 |
-180,055 |
Ford |
|
1976 |
-73,732 |
-253,787 |
Ford |
|
1977 |
-53,659 |
-307,446 |
Carter |
|
1978 |
-59,185 |
-366,631 |
Carter |
|
1979 |
-40,726 |
-407,357 |
Carter |
|
1980 |
-73,830 |
-481,187 |
Carter |
|
1981 |
-78,968 |
-560,155 |
Reagan |
|
1982 |
-127,977 |
-688,132 |
Reagan |
|
1983 |
-207,802 |
-895,934 |
Reagan |
|
1984 |
-185,367 |
-1,081,301 |
Reagan |
|
1985 |
-212,308 |
-1,293,609 |
Reagan |
|
1986 |
-221,215 |
-1,514,824 |
Reagan |
|
1987 |
-149,728 |
-1,664,552 |
Reagan |
|
1988 |
-155,152 |
-1,819,704 |
Reagan |
|
1989 |
-152,456 |
-1,972,160 |
Bush Sr. |
|
1990 |
-221,195 |
-2,193,355 |
Bush Sr. |
|
1991 |
-269,328 |
-2,462,683 |
Bush Sr. |
|
1992 |
-290,376 |
-2,753,059 |
Bush Sr. |
|
1993 |
-255,087 |
-3,008,146 |
Clinton |
|
1994 |
-203,250 |
-3,211,396 |
Clinton |
|
1995 |
-163,972 |
-3,375,368 |
Clinton |
|
1996 |
-107,473 |
-3,482,841 |
Clinton |
|
1997 |
-21,958 |
-3,504,799 |
Clinton |
|
1998 |
69,213 |
-3,435,586 |
Clinton |
|
1999 |
125,563 |
-3,310,023 |
Clinton |
|
2000 |
236,445 |
-3,073,578 |
Clinton |
|
2001 |
127,424 |
-2,946,154 |
Bush |
|
2002 |
-157,797 |
-3,103,951 |
Bush |
|
2003 |
-377,585 |
-3,481,536 |
Bush |
|
2004 |
-412,727 |
-3,894,263 |
Bush |
|
2005 |
-318,346 |
-4,212,609 |
Bush |
|
2006 |
-248,181 |
-4,460,790 |
Bush |
|
2007 |
-162,002 |
-4,622,792 |
Bush |
|
2008 |
-410,047 |
-5,032,839 |
Bush |
|
2009 |
-482,000 |
-5,514,839 |
Projected |
Note that the cumulative is just my adding the deficits per year. There is no interest included. The actual national debt approaches $9 trillion now.
When you look at these numbers, it looks to me like the Democrats keep digging out of the hole, and just when they are about recovered digging out, the Republicans take over and create a new hole.
Check out 2000. Clinton had built up a good head of steam, with record surpluses. Bush came in, and in his first year of course he inherited the surplus. But for good measure, he cut it in half and then eliminated it completely.
Coincidence? Poor Bush — terrorists came and messed things up? I don’t believe it for a minute.
Republican scare tactics are having us believe that a nation can’t tax itself to prosperity. I agree with that. Just like you can’t borrow yourself to riches.
But you also can’t spend yourself into prosperity, if the money is being shipped to OPEC countries, China, India, Russia … and Halliburton.