According to the CBC article, “Obama’s budget includes record deficit,” Obama’s proposed budget will increase the United States government’s deficit from last year’s $1.41 trillion to $1.56 trillion. It’s just 0.15 more, right? Yea,and that $0.15 trillion happens to equal $150 billion dollars. It doesn’t seem so small when expressed this way, does it?
Keeping that in mind, this is the real kicker:
Obama blamed the previous administration and Congress for fiscal mismanagement, saying that on the day he entered office he was already contending with a $1.3‑trillion deficit.
He’s freezing spending on many programs, but despite this, the deficit will have increased by $260 billion since he took office. At this rate, he’ll rack up another $1.04 trillion by the end of his term if he maintains the current spending levels.
So how is his fiscal management so much better than the previous administration’s, exactly?
I don’t expect that he will maintain this level of spending, but to accuse the previous administration of mismanagement when he added to the deficit, seems more than a little disingenuous. We’ll be watching to see what happens to the deficit next year and the year after.