Wednesday, October 7, 2009

Bush Deficit vs Obama Deficit

Here is a picture that shows the Bush deficits and the projected Obama deficits; and how they have change over the last few months. The projections get worse every month. The best projected month is worse than the worst month under Bush. As bad as it seems, it is probobly much worse because the projections are based on a potentially rosy prediction regarding the strength and speed of the economic recovery. Obama's economic projections have been off by a significant margin regarding unemployment thus far (Berman Post: Unemployment Rises to 9.8 Percent and Berman Post: True Unemployment at 17 Percent).

Picture embedded below. (from

[Deficit_Chart_9-24-09_American.gif] (bold mine)

"Here are a few interesting things about this data:

First, while President Obama is fond of promoting what he calls a "new ethic of responsibility" ... that is a misrepresentation of his actual budget plan. For each of Obama’s years in office, the deficit is projected to be larger than any year during Bush’s terms.
Third, Obama’s deficits are frightening but they promise to get worse. Each month that goes by the president adds spending to the deficit. The August 2009 projections for instance, do not include any of the president’s healthcare reform spending and they assume that the “temporary” stimulus spending will not be prolonged past fiscal 2011. Finally, they also assume that the economy will recover soon and that it will grow enough to generate increasing tax revenue

See also Berman Post: Bush Deficit vs Obama Deficit - The Picture.

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