In 2008, CBO Projected a Decade of Surpluses; Now $8.962 Trillion in Deficits

  • In early 2008, the Congressional Budget Office projected that for the decade spanning from Fiscal Year (FY) 2009 through FY 2018, the USA will have a total of $335 billion in surpluses. Yes, Surpluses!


  • In January 2009, two full years after Democrats gained control of Capital Hill and two weeks before President Obama was inaugurated, the CBO projected $4.086 trillion in deficits for the 2009-2018 decade.


  • Actual deficits for Fiscal Years 2009 and 2010 in addition to  early 2011 CBO projections for the rest of the 2009-2018 decade, amounts to $8.962 trillion in deficits.


  • The already accumulated $3.637 trillion in deficits for the first 2 ½ years of the 2009-2018 decade ($929 Billion and counting for 2011; $1.294 trillion in 2010; and $1.414 trillion in 2009), is 89% of the total deficits that the CBO foresaw for the full decade two weeks before Obama’s inauguration. (Second bullet note).


Conclusion: Or Obama and the Democrats made things considerably worse regarding the US budget, or the CBO’s projections – including projections on em, er Health Care Reform – are practically worthless less than a year after it is written.



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