President Obama raised deficit to $1.84T

Do you remember when you received your first credit card? It was great to be able to buy anything you want and not have to worry about paying for it until later. Then the bill came, the cost of the item plus the interest, plus the fees made that purchase not as smart. This is what is now happening to our President. He rolled into office and started spending, printing money as they go and worry about the inflation later. The chickens have come home to roost as the President Barack Obama administration has now projected deficit for this fiscal year that ends September 30 has hit an all time high of $1.84 trillion dollars. The economists are warning that the deficit is becoming a larger part of the total economy or gross domestic product. The actual number is 13% of the GDP. Do you remember when President Bush left office just six months ago; it seems the debt for his last year-end was only $455 billion. We do not have the feeling that if President Bush was in office for a third term, the deficit would be $1.8 trillion, but we will never know. The math makes sense $700 billion for Wall Street and $787 billion for the stimulus package. Do you remember in February when President Obama promised to make a dent in the deficit, this must be subtraction by multiplication. We found the quote which was “I am pledging to cut the deficit we inherited by half by the end of my first term in office”. We now wonder is that $455 he inherited or the $1.84 at the end of year one?


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