Re: Trillion dollar plus deficits for third straight year
Note also this little Wikipedia caveat:
It is worth noting that these figures do not include unfunded obligations. The U.S. government is committed under current law to mandatory payments for programs such as Medicare, Medicaid and Social Security. The 2009 present value of these deficits or unfunded obligations is an estimated $45.8 trillion. This is the amount that would have to be set aside during 2009 such that the principal and interest would pay for the unfunded commitments through 2084. Approximately $7.7 trillion relates to Social Security, while $38.2 trillion relates to Medicare and Medicaid. Adding this to the national debt and other federal commitments brings the total obligations to nearly $62 trillion.[6] However, these amounts are excluded from the national debt computation. To fully analyze the effect of each presidential term on the real debt, one would need to examine when various unfunded obligations were incurred.
Suddenly LBJ doesn't look so good, does he? Or anyone else who created or increased the current entitlement system.
