WASHINGTON – Monday afternoon, the U.S. Treasury Department released information explaining how a projected 2011 U.S. cumulative surplus of $5.9 trillion instead became an actual cumulative deficit of $6.0 trillion.
“Why did 2001 projected surplus turn into big deficits thru 2011?” the Treasury Department tweeted on Monday. “88% was unfunded wars, 2001/03 tax cuts, Medicare Part D, and econ/tech chg,” were the answers they provided.
A chart was also provided showing the decline in the projected surpluses.
“A closer look at actual attribution of change from surplus to deficits from 2001-11:”
19 thoughts on “U.S. Treasury tries to explain how country went from projected surpluses to massive deficits”
We got too many people, specially scum that commits crimes has babys on welfare and elects Obama. Time to root them out, start at the top yes. Boot the illegal alien out from that big white house he dont belong in accept to pore coffee and shine shoes.
How about that, Treasury is now putting the political spin on how surplus went to deficit. At the end of the day they spent more than they took in. We can play all the political games and blamesmanship we want to but that will not fix the problem.
The issue going forward will be how to bend the spending curve so that income/outgo comes into sync. I know the left wants to bend the revenue curve but they will not get it done as driving up government revenue is a real killer for the economy.
Everything needs to be on the table – including entitlements. I know this is viewed as political suicide but someone has to fall on the sword on this issue as time is not on our side.
Congress needs to grow a pair and get on with it.
I believe this is the first time I’ve seen anybody call black and white figures “spin”. In what format should this same information be presented to you in order for you to admit that our financial woes are 100% the fault of the Bush tax cuts and the Bush unfunded wars?
It doesn’t make one iota’s difference any more, but at least stop trying to defend the indefensible.
My uncle was a statistician with the government. When he was asked for a report, his first question was what results they wanted it to show. That was how fluid statistics can be. You manipulate the figures to get the desired answer. That’s politics.
And in this case, the data is correct. This article is outlining the reasons for the status of the nation’s financial deficit. There is no way to “spin” or “manipulate” these figures in any other way on this topic.
I have worked with numbers most of my adult life and believe me there are many ways to “SPIN” them. You can not believe anything the government tells you as they will change the formulas and get the numbers to work out the way they want them. Look what they did with the unemployment numbers before the election. Wake up.
I, too, have worked with numbers most of my adult life. I never take anything like this at face value. I have kept very close track of spending and revenues in all funds of our government. There are numerous sites you can access that provide more detailed reporting and you are free to compare the data any way you wish.
However, for today’s discussion, and for the purpose of this graph, the numbers bear out the facts. The current deficit in our country’s accounts is due to the Bush administration’s machinations. Wake up.
@sicka-If you have been able to keep close track of government spending you had better show the government how you did it because they certainly can’t do it. You seem to be like all libs. All you can do is blame Bush for it. Don’t you think Obama and his free spending ways have had something to do with it. I am awake but wondering about you.
sickastupd…don’t try argueing with LVS or Katie. They don’t believe in facts. You are wasting your time.
Thanks, happyguy! That is becoming more obvious every day! There are none so blind!
@Stupd-If you believe anything Happy Guy tells you you will get everything you deserve. He never admits when he is wrong which is most of the time. In my opinion he is a left wing liberal and is everything that is wrong with our country today. He has been proven wrong at every turn but still denies it and I really believe he need mental help. We are at the point we will not discuss anything he says because he deals in lies and manipulation. He is in total denial and is happy only because of the drugs he is probably taking. He is another Peter L.
i’ll admit the yellow line is not good but decline of the bottom blue line is even worse. Quit blaming one party or the other and get the line going the other way. We just raised the taxes on the rich so are nonrich will to take less or pay more in because that is going to be what it takes.
So, according to you, 59% of the deficit is BETTER the 12%? Would you care to explain that?
I read this and see Medicare Part “D” on the list at $300 Billion. What I do not see is how much was paid into Medicare. Retired folks on Medicare are required to pay for it. Granted it is at a very good rate but we must all pay in. How much is that pay in? What percentage of the total amount spent is covered? How much of what is not covered is welfare or people that do not pay in? All questions that need to be answered and probably won’t be because the politicians are on a witch hunt and of course they won’t reduce their pay or benefits one dime.
Yes, Obama. And too damn many people that wants hand outs. The no good kind votes for Obama.
The only “hand-outs” that are affecting us are the ones to the military and the super rich. If you’re not smart enough to read the chart, don’t comment.
It could have been said in one word. Obama.
My God, can you read??? The tax cuts, wars and Medicare D were BUSH POLICIES! Obama’s desperate attempts to slow down the destruction of this country are like spitting in the wind compared to Bush’s nightmare! And keep in mind that the very same repubs who got is IN this mess are doing everything in their power to stop Obama from getting us out! The LOVE the mega wars and tax breaks!
How’s that TRILLION and a half dollars for the wars in affyland and Iraquuue doing – SAD SAD SAD !