...As Disinformation is being spewed out!
*Note the Table's "Source: Treasury Department" - Timmy Geithner's data base figures - Can you believe his "reliable" numbers? Myth #1: Republicans spent like drunken sailors.
Fact: Federal spending from 1960 through 2000 averaged 20.3% of GDP, with a slightly upward trend. The average over all Bush years, 2001 through 2008, was 19.6% of GDP – below the historical average. The 2001-2008 average deficit was also below the 1960-2000 average.
Myth #2: Republicans exploded the federal debt.
Fact: Per the US Constitution, "all bills for raising revenue shall originate in the House of Representatives." Democrats controlled the House from 1955 through 1994, leaving the federal debt held by the public at 49.2% of GDP. Republicans then controlled the House from 1995 through 2006 and left it at 36.5% of GDP — below the level left by Democrat Congresses.
Myth #3: Bush Presidency generated a high debt % of GDP.
Fact: At the end of Bush’s presidency the debt was 40.2% of GDP. Now, two years post-Bush and four years of a Democrat Congress, the debt is now 72% of GDP, the highest it’s been since Harry Truman was paying off World War II.
Legend:
a - actual reported
b - budgeted estimate in US fy12 budget
Fact: At the end of Bush’s presidency the debt was 40.2% of GDP. Now, two years post-Bush and four years of a Democrat Congress, the debt is now 72% of GDP, the highest it’s been since Harry Truman was paying off World War II.
| Year | GDP-US $ billion | Federal Deficit -fed pct GDP | |
| 1996 | 7838.5 | 1.37 | a |
| 1997 | 8332.4 | 0.26 | a |
| 1998 | 8793.5 | -0.79 | a |
| 1999 | 9353.5 | -1.34 | a |
| 2000 | 9951.5 | -2.37 | a |
| 2001 | 10286.2 | -1.24 | a |
| 2002 | 10642.3 | 1.48 | a |
| 2003 | 11142.1 | 3.39 | a |
| 2004 | 11867.8 | 3.48 | a |
| 2005 | 12638.4 | 2.52 | a |
| 2006 | 13398.9 | 1.86 | a |
| 2007 | 14077.6 | 1.14 | a |
| 2008 | 14441.4 | 3.18 | a |
| 2009 Obama | 14119 | 10.01 | a |
| 2010 Obama | 14660.4 | 8.82 | a |
| 2011 Obama | 15079.6 | 10.91 | b |
a - actual reported
b - budgeted estimate in US fy12 budget
Table: The government spending information is obtained from several sources of data. Federal spending since 1996 is obtained from a spreadsheet file Table 3.2 - Outlays by Function and Subfunction in Budget of the United States Government published by the Executive Office of the President of the United States.
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