Daily financial visualization
Wondering just where that $1.4 trillion deficit comes from? Veronique de Rugy over at the Corner at National Review Online presents the breakdown:
To be sure, the recession caused lower than expected tax revenue — $419 billion lower. But the bulk of the deficit is made of spending. A lot spending since it amounts to a $1trillion: $459 billion of the deficit came from spending decisions made in the years preceding 2009; $245 billion are due to the financial bailout and $347 billion are mainly stimulus spending.
Why does this matter? Because we have no idea what such big deficits, sustained over so many years, will do to our economy. Remember that for each of Obama’s years in office, the deficit is projected to be larger than any year during Bush’s terms. That’s unprecedented.
..bruce w..
Category: Main, Obama Administration, Sea of deficits, Stimulus
About the Author (Author Profile)
Webster is Principal and Founder at Bruce F. Webster & Associates, as well as an Adjunct Professor of Computer Science at Brigham Young University. He works with organizations to help them with troubled or failed information technology (IT) projects. He has also worked in several dozen legal cases as a consultant and as a testifying expert, both in the United States and Japan. He can be reached at bwebster@bfwa.com, or you can follow him on Twitter as @bfwebster.Subscribe
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