Yesterday the Federal Budget Deficit reminded us that even during the season when Uncle Sam collects your taxes — 45% more than last year — we still can’t create a surplus!
Superficially, we can blame the recent economic crisis for the issue. However, if we dig deeper into the historical data, below we can see politicians have been out of control for decades.
More specifically, the fall of 2001 kicked off a drunken binge on Federal deficit spending (Click here for a larger image:)
We haven’t seen a single budget surplus since the economic crisis, and future budget projections from the Congressional Budget Office indicate we shouldn’t sit on the shore waiting for one to dock anytime soon. Check Out “CHART OF THE DAY: Watch the US Debt Set a 60 Year Record”.
In fact, the CBO increased their annual deficit projection for 2011 from $1.1 trillion to $1.5 trillion — the third straight year of $1 trillion-plus deficits. The record monthly deficit of $222.5 billion in February beat last February’s record by almost $2 billion. At least we didn’t set a new record so soon.