(CNSNews.com) - The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year. According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent. In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.
The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.
In his speech announcing the release of his budget proposal yesterday, President Obama said: “Now, since I took office, we have cut our deficits by about two-thirds.” “Since 2010,” says the Obama budget proposal, “federal deficits have shrunk at an historic pace—the most rapid sustained deficit reduction since the period just after World War II. The turn away from austerity in 2014 was accompanied by another steep drop in the deficit, bringing it to 2.8 percent of GDP—the lowest level since 2007, about one-third the size of the deficit the president inherited, and below the 40-year average.”
“When ARRA was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019,” the CBO said in a report published last year. “CBO now estimates that the total impact over the 2009–2019 period will amount to about $830 billion. By CBO’s estimate, close to half of that impact occurred in fiscal year 2010, and more than 95 percent of ARRA’s budgetary impact was realized by the end of December 2013.”
In fiscal 2008, the last full fiscal year when George W. Bush was president, the federal deficit was $458.6 billion, according to the historical tables published by the White House OMB. In fiscal 2009, presided over by both Bush and Obama, the deficit was $1.4127 trillion. In 2010, it was $1.2944. In 2011, it was $1.2996 trillion. In 2012, it was $1.0870 trillion. In 2013, it was $679.5 billion. In 2014, it was $484.6 billion. And, in 2015, the OMB is estimating it will be $582.5 billion.
The fiscal 2008 deficit of $458.6 billion was 3.1 percent of GDP, according to the OMB. The OMB estimates that the $582.5 billion deficit it is projecting for this year will be 3.2 percent of GDP.
- THEY HAVE TIME TO COLLECT WELFARE IN MORE FORMS AND $$ THAN EVER BEFORE.
- THEY HAVE TIME TO DEMONSTRATE ABOUT HOW ABUSED THEY ARE--(INSTEAD OF WORKING).
- THEY DON'T HAVE THE TIME (OR THE WILL) TO GO OUT AND LOOK FOR A JOB.
- THEY ARE TERRIFIED ABOUT BEING FORCED TO BET A LEGITIMATE ID TO SHOW/VOTE AT THE POLLS