Obama Reduced Federal Deficit By $103.6 Bil – Down 13% from 2009

More signs that Pres. Obama and the Democrats are succeeding in slowing or bringing the GOP-Bush Recession to an end, via Bloomberg:

The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.

The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.

The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent.

“We’re seeing the revenue coming back,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “The cumulative deficit for the fiscal year is a bit smaller, but still fairly wide. It doesn’t signal a lot of improvement.”

Hey, haters: Presidents get blamed when the economy goes bad, even when, as was the case here, the president is not responsible for the policies that caused the downturn. Conversely, they also get credit when things go well — especially when, as is the case here, their policies caused things to turn around.

So don’t even start.

4 Responses »

  1. Anonymous September 14, 2010 @ 8:46 am

    [...] [...]

  2. Ken Van Doren October 3, 2010 @ 12:05 pm

    Let me repeat the hateful comments I made about 18 months ago.
    “It is likely that there will be SOME recovery with the expenditure of almost a trillion dollars, but it will not be rubust. The deficits will do more to destroy the economy that to contribute to long term prosperity.”

    Not to mention the fact that government expenditures are almost always for political rather than economic effect.

    Have not changed my mind. Obama is deliberately trying to destroy both a liberty and our prosperity.

    IMPEACH NOW- Treasonous SOB

  3. Jon October 4, 2010 @ 6:11 am

    Ken: The deficit would be ZERO today if Bush and the GOP hadn’t screwed up the economy when they were in charge — Bush from 2000 to 2008, and the GOP in Congress, including Boehner, McConnell and others, from 1995 until 2007. That’s when the problems arose.

    It’s too soon to know whether the solutions have really worked, but what we’re dealing now is nothing more, nothing less than the result of stupendous mismanagement and malfeasance by George Bush and his rubberstamp Congress.

    Yes, there has been treasonous behavior by a president but not by the current one — the criminal is the one who is lying around on his sofa these days in Dallas, counting the millions in his family fortune while the country he left in shamble slouches toward oligarchy.

  4. Denise November 29, 2012 @ 8:11 pm

    Jon- Exactly!

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