Obama Underestimates 2012 Deficit by About Half a Trillion Dollars
9:33 AM, Feb 2, 2012 • By JEFFREY H. ANDERSON
Deficit spending under Obama has truly been historic. An editorial in the Wall Street Journal rightly observes that “Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close.” However, even this is somewhat generous. When you factor in the context — we’re not currently fighting the Civil War, World War I, or World War II, which are the only other times that our deficits have exceeded 6.0 percent of GDP (as they have every year under Obama) — the deficits on Obama’s watch are by far the most profligate in all of American history.