Budget Deficit for August is $147 Billion
Even though this will be the first year that our budget deficit under President Obama has been below the trillion dollar mark, there is really nothing to celebrate if one is intellectually honest and fair.
Remember the how breathless the Democrats and the press were when G.W. Bush’s deficit reached $400 billion in his last year of office? It was a national disaster. It was reckless spending. It was pretty much Bush’s fault.
So, now, here we are in the fifth year of the Obama administration, and the budget deficit for fiscal year 2013 stands at $755,345 billion through August and will likely top $800 at the end of September. And, had Obama not been caught off guard by the Sequester Deal, (a deal he said in the debates with Romney would never be implemented), our deficit would stand at a trillion dollars.
If deficit spending was in anyway tied to economic health, the United States would be a paradise on earth. Yet, unemployment still, under Obama, stands at over 7% and most jobs created this year are part-time, dead end endeavors.
So, what have to show for another blockbuster deficit? Millions who aren’t try to work, a national addiction to welfare, a jobless rate above 7%, and dearth of full-time jobs.
Top down government planning of the economy failed in the Soviet Union. Who thought it would work here?
Here are the numbers from the Treasury Department: