Wednesday, March 18, 2015

It’s Official – Obama’s Deficits in 6 Years more than all Prior US Presidents Combined

 office of management and budget

A deficit occurs when annual government spending is greater than its revenues.  When a government overspends resulting in a deficit, it must borrow money to stay afloat.  Currently the US the government has over $18 Trillion in US Debt.  This is the result of years of overspending.  Of the $18 Trillion in US Debt, $13 Trillion is debt owed to the public but $5 Trillion is debt the government owes to other government agencies, like Social Security, where the government borrowed from these agencies when it needed money.   The $13 Trillion in debt owed to the public is due to deficit spending and the accumulated interest payables related to the large amount of debt.

Per www.whitehouse.gov, the accumulative total for all US Deficits combined was $11.6 Trillion through the end of 2014 (see Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–):

1789–2020).  This $11.6 Trillion along with accumulated interest payables are what account for the $13 Trillion in US debt outstanding.

2 comments:

  1. They can't even live on what they don't earn. A lot of the casinos closing which
    this gov confiscated much money. . Oh, well. Of course there is the states lottery
    system, use to be called the numbers system by the mob, which the gov took
    over and changed the name.

    ReplyDelete
    Replies
    1. the states lottery system, use to be called the numbers system by the mob, which the gov took over and changed the name.

      Good point. :)

      Delete