Red Ink Since Dems Took Over Congress Greater Than All Previous Deficits Combined
The 2011 budget shortfall, which is the responsibility of the previous Congress, is now projected to be $1.65 trillion.
If accurate, this means that since the Democrats took over Congress in 2007, we have posted over $5 trillion in deficits.
For the record, that's more combined non-inflation-adjusted red ink than the United States of America had created in all of the years of its existence prior to that point.
In just four years, the Democrats recorded combined deficits greater than what had been posted in the prior 220.
Of course, it's all George W. Bush's fault.
As a post facto aside, it would be more statistically significant to do such an analysis using constant dollars, but this was done to raise a point.
For instance, from what I can calculate, our nation's greatest inflation-adjusted budget deficit prior to 2009 was 1943's $55 billion. In 2010 dollars, that would be $693 billion.
So there we were in the Great Depression as well as in the middle of WWII, and we actually had a budget deficit almost $1 trillion less than what we're going to produce in 2011.
Quite an eye-opener, don't you think?
So too are the spending comparisons between then and now. In 1945, our total outlays were $93 billion. That's $1.1 trillion in today's dollars.
In 2011, we're projected to spend over $3.8 trillion, or almost four times what we did in the final year of WWII after adjusting for inflation.
And much of the Left thinks we're not spending enough!