Obama's budget would create unprecedented deficits
Created on May 12, 2009
Obama Budget Path Would Produce
Historic Federal Deficits
President Barack Obama's budget plan would make him the runaway
champion deficit-spender among all modern presidents, doubling down
on President George W. Bush. At this rate, federal deficits under
Obama will outpace fellow Democrats John F. Kennedy and Bill
Clinton by a factor of seven and eight, respectively.
What's more, the Obama budget calls for publicly held national
debt to more than double in 10 years, to 82.4 percent of economic
output (GDP) -- by far the highest level since World War II.
Yet amid a flood of spending by President Obama and the new
Congress, the defense budget is set to fall to pre-9/11 levels --
from 4.7 percent of GDP to 3 percent.
Taxpayers can follow these and other budget and taxation trends
of the new administration in the 2009
Federal Revenue and Spending Book of Charts.
An updated and expanded edition of a popular online resource
from The Heritage Foundation, it includes 37 easy-to-follow
information graphics. The chart pictured above is based on a new graphic that tracks deficit spending
over more than 45 years -- from Kennedy to Obama.
New features in the Book of Charts include an interactive "flash" graphic showing
that the more Americans earn, the higher their portion of total
federal taxes. Taxpayers can click on the image, for instance, to
see that the top 10 percent of earners pay 71 percent of the taxes
-- and that the bottom 50 percent pay 3 percent.
Other new charts show:
Visitors toheritage.org/BudgetChartBook may download,
post or e-mail any of the charts and graphs, as well as click on
links to related Heritage research and analysis, commentary and
even posts in The Foundry blog. Visitors can bookmark,
embed and share data through Twitter, Facebook, RSS feeds and other
"More than ever, interested taxpayers -- as well as journalists
and members of Congress -- will find the Book of Charts the go-to
site for details on federal spending and taxes, whether past,
present or projected," says Nicola Moore, assistant director of
Heritage's Roe Institute for Economic Policy Studies.