Deficit Spending - Bush v Obama

When the Democrats took over Congress in Jan 2007, after 12 years of prosperity, unemployment was at 4%, the DJIA was at a record high, we had had 54 straight months of economic growth and a boom housing market.

The recession and mortgage meltdown started in late 2007, almost a year after the Democrat Congress took power. Their predecessor Republican Congress had 4 budget surplus years, and left in 2006, with the DJIA at a record high, unemployment under 4%, moderate deficits, and 52 straight months of economic growth.

Bush -- 2001 $127.3 Billion Surplus
Bush -- 2002 $157.8 Billion Deficit
Bush -- 2003 $374 Billion Deficit
Bush -- 2004 $413 Billion Deficit
Bush -- 2005 $319 Billion Deficit
Bush -- 2006 $248 Billion Deficit
Bush -- 2007 $162 Billion Deficit
Bush -- 2008 $455 Billion Deficit
Obama - 2009 $1.416 Trillion Deficit
Obama - 2010 $1.294 Trillion Deficit
Obama - 2011 $1.299 Trillion Deficit
Obama - 2012 $1.330 Trillion Deficit
(source)

8 years of Bush: total net deficit--$2 trillion dollars
4 years of Obama: total net deficit--$5.3 trillion dollars

At this rate, Obama (if re-elected) will accumulate a total deficit in excess of $10 trillion dollars in 8 years!

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