Obama Has Presided Over 5 of 6 Largest Deficits in U.S. History

October 31, 2013 - 12:26 AM

President Barack Obama

(AP Photo)

(CNSNews.com) - President Barack Obama has now presided over five of the six largest annual budget deficits the U.S. government has ever run, according to data released yesterday by the U.S. Treasury.

In fiscal 2013, which ended Sept. 30, the deficit was $680.276 billion, according to the Monthly Treasury Statement released Wednesday.

In fiscal 2012, the deficit was $1.089193 trillion; in fiscal 2011, it was $1.296791 trillion; in fiscal 2010, it was $1.294204 trillion; and, in fiscal 2009, it was $1.415724 trillion.

In fiscal 2008, the last full year that George W. Bush was president, the deficit was $454.798 billion.

Even when adjusted for inflation, the $680.276 billion fiscal 2013 deficit is only exceeded by one pre-Obama deficit--the one the U.S. government ran in 1943, during the height of World War II. That year, the deficit was $54,554,000,000--or $738,367,890,000 in inflation-adjusted 2013 dollars.

The 2013 deficit of $680.276 billion exceeded the other annual deficits of the World War II era as well as the annual deficits that the U.S. government ran during World War I, the Vietnam War, or the final years of the Cold War.

In fiscal 1919, which began on July 1, 1918, the U.S. government ran its greatest deficit of the World War I era, according to data published by the Office of Management and Budget. It was $13.363 billion in 1919 dollars, or $180.863 billion in 2013 dollars, according to the Bureau of Labor Statistics inflation calculator.

In 1968, the U.S. ran it greatest annual deficit of the Vietnam era. It was $25.161 billion in 1968 dollars, or $169.294 billion in 2013 dollars.

In 1986, three years before the Berlin Wall came down, the U.S. ran its largest deficit in the final years of the Cold War. It was $221.227 billion in 1986 dollars, or $472.628 billion in 2013 dollars.

Since 1976, the U.S. government’s fiscal year has run from Oct. 1 to Sept. 30. Before that, it ran from July 1 to June 30.

President Barack Obama was elected on Nov. 4, 2008, a little over a month after the beginning of fiscal 2009. He was inaugurated on Jan. 20, 2009, almost four months into fiscal 2009. On Feb. 17, 2009, less than a month into his first term, and less than five full months into fiscal 2009, he signed the American Recovery and Reinvestment Act—an “economic stimulus” law that the Congressional Budget Office has estimated would increase the deficit by $833 billion over ten years.

HISTORICAL BUDGET DEFICITS:

Year...........Deficit

2013             680,276,000,000

2012          1,089,193,000,000

2011          1,296,791,000,000

2010          1,294,204,000,000

2009          1,415,724,000,000

2008             454,798,000,000

2007             161,527,000,000

2006             248,197,000,000

2005             318,746,000,000

2004             412,845,000,000

2003             377,139,000,000

2002             157,791,000,000

2001            (127,276,000,000) [surplus]

2000            (236,917,000,000) [surplus]

1999            (124,360,000,000) [surplus]

1998              (69,242,000,000) [surplus]

1997               21,957,000,000

1996             107,431,000,000

1995             163,952,000,000

1994             203,186,000,000

1993             255,051,000,000

1992             290,321,000,000

1991             269,238,000,000

1990             221,036,000,000

1989             152,639,000,000

1988             155,178,000,000

1987             149,730,000,000

1986             221,227,000,000

1985             212,308,000,000

1984             185,367,000,000

1983             207,802,000,000

1982             127,977,000,000

1981              78,968,000,000

1980              73,830,000,000

Vietnam Era

........................Current Dollars..............2013 Dollars

1968                25,161,000,000             169,294,000,000

World War II Era

.......................Current Dollars...............2013 Dollars

1946               15,936,000,000              191,353,770,000

1945               47,553,000,000              618,582,630,000

1944               47,557,000,000              632,694,550,000

1943               54,554,000,000              738,367,890,000

1942               20,503,000,000              294,524,970,000

1941                 4,941,000,000               78,702,740,000

World War I Era

........................Current Dollars...............2013 Dollars

1919               13,363,000,000...............180,863,180,000

The annual deficit numbers for 1997-2013 come from the Monthly Treasury Statements. the annual deficit numbers for 1919 through 1996 come from the Historical Tables of the Office of Management and Budget.