Terence P. Jeffrey
August 19, 2013
The Congressional Budget Office last week released updated historical budget data for the federal government, reporting a deficit of $1.087 trillion in fiscal 2012.
2012 marked the fourth straight year—and the only four years in the history of the nation–when the federal government’s deficit topped $1 trillion.
Last year’s $1.087 trillion deficit was even greater in inflation-adjusted dollars than the peak World War II deficit of fiscal 1943—which was $54.554 billion in 1943 dollars and $723.8714 billion in 2012 dollars, according to the Bureau of Labor Statistics online inflation calculator.
The deficit has also remained at a higher percentage of GDP over the last four years than at any time since the conclusion of World War II (which ended during fiscal 1946, which began in June 1945).
This article was posted: Monday, August 19, 2013 at 10:33 am