In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.
To illustrate this a bit differently, for every Jackson ($20) we’ve had available to spend under Obama, we’ve also borrowed a Hamilton ($10) and a Washington ($1) and spent those too. The only thing is that, under Obama, we’ve (literally) spent the equivalent of 342 billion Jacksons, 342 billion Hamiltons, and 342 billion Washingtons — borrowing all of the Hamiltons and Washingtons.
Let’s take a look at the scorecard, based on official government figures. In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts. It spent $3.538 trillion — 44 percent more than it had available to spend. The resulting deficit was $1.089 trillion.
In fiscal year 2011 (see table S-1), the federal government acquired $2.303 trillion in tax revenues and other receipts. It spent $3.603 trillion — 56 percent more than it had available to spend. The resulting deficit was $1.3 trillion.
