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Surprise! Last Year's Deficit Actually $5 Trillion

ResistWeMuch Wrote: May 24, 2012 9:33 PM

I have all of the numbers (debt, deficit, discretionary spending, mandatory spending, revenues, defence spending, debt-to-GDP, deficit-to-GDP, etc.) for the last several decades broken down by year somewhere on my blog. It is probably toward the beginning of last year or the year previous to that. I'll have to look for it.

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Surprise! Last Year's Deficit Actually $5 Trillion

Since 2009, and since Senate Democrats last passed a budget, the Congressional Budget Office has calculated $1 trillion deficits each year with 2012 being no exception. But now, a new USA Today study shows that last year's budget deficit wasn't $1 trillion....it was actually $5 trillion.

The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the...

Related Tags: Budget and Government Government Spending Paul Ryan Congressional Budget Office Washington D.C.