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Monday, October 4, 2010

Deficit Watch

FY 2010 ended September 30. Here’s the fiscal picture.

As FY 2011 dawned on October 1, the national debt stood at $13.56 trillion.

One year earlier it stood at $11.91 trillion.

By a simple process of subtracting the 2009 debt from the 2010 debt, we get a difference of  $1.65 trillion. That is the FY 2010 budget deficit.

Is that a record? The news media will say it is because they say last year’s deficit was $1.4 trillion. But we saw here that in fact the deficit was $1.88 trillion. So, no record. There’s always next year.

(HT Ken Sturzenacker)

  • Sheldon Richman is the former editor of The Freeman and a contributor to The Concise Encyclopedia of Economics. He is the author of Separating School and State: How to Liberate America's Families and thousands of articles.