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New Obama milestone: the largest monthly deficit ever recorded

Barack Obama’s “historic” presidency continues, as chronicled by the Washington Times:

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

That makes 41 months of deficit spending in a row, reaching back to the end of George Bush’s big-spending presidency, when the national debt was about 60 percent of where it stands today.  And President Obama’s absurd 2013 budget proposal gave us more trillion-dollar annual deficits, as far as the eye could see.

This new milestone of irresponsibility is mighty inconvenient for the official Obama narrative.  His early spending spree was justified as “stimulus” to “create or save jobs” and “get the economy moving.”  But now he brings us the worst monthly deficit in history, over three years into his Administration – with his horrible unemployment numbers stalled out at 8.3 percent (and that’s using the best numbers the government can cook up), decreased economic growth forecast for next year, gas prices spiraling out of control, and trillions already poured into “green energy” rat holes managed by his cronies?  What’s he still blowing all of our children’s money on?

And keep in mind that Obama has been prevented from spending hundreds of billions more, on a grab bag of Big Government flab he called a “jobs bill” – the same thing he calls every pork-encrusted spending bill. 

It was only a few months ago that Obama was parading around and declaring himself a mighty deficit hawk, after spending most of the debt-ceiling debate slamming doors and embarrassing himself in petulant press conferences.  Remember, his initial demand was a “clean” increase in the debt ceiling, with no strings attached… and that’s pretty much what he got, once the Republicans foolishly began taking him seriously and cutting “deals” with the irresponsible Democrat Party. 

Oh, there was a lot of impressive-sounding language in that Budget Control Act of 2011, but what good did any of it really do?  Less than a year later, we’ve got the worst deficit in history… and we’re about to crash into the debt ceiling again.  Obama’s “deficit hawk” costume will look even sillier this time, assuming Democrats can’t fool the public into forgetting everything that has happened over the past six months.

And for the benefit of you tax-addicted soak-everybody class-war lunatics, note that government revenue has been increasing at the same time deficits are skyrocketing, in every area save one: individual income tax refunds.  You know, like Obama’s vaunted “payroll tax cut,” and the Earned Income Tax Credit, a welfare program that gives a “tax refund” to people who don’t pay taxes.

According to the CBO report, “roughly three-quarters of that increase stemmed from shifts in the timing and recording of refunds, and from the additional day in February this year.”  So deficit history was made, in part, because this was Leap Year.  Can Obama beat that record in a year that clocks in 24 hours shorter, if we give him a second term?  Yes He Can!  Especially since the economy has begun slowing down again, with forecasts of less than 2 percent growth in our immediate future.  Slap a few big tax hikes on that sputtering economy, and we can make $229 billion monthly deficits seem like a fond memory from a more responsible era.

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Written By

John Hayward began his blogging career as a guest writer at Hot Air under the pen name "Doctor Zero," producing a collection of essays entitled Doctor Zero: Year One. He is a great admirer of free-market thinkers such as Arthur Laffer, Milton Friedman, and Thomas Sowell. He writes both political and cultural commentary, including book and movie reviews. An avid fan of horror and fantasy fiction, he has produced an e-book collection of short horror stories entitled Persistent Dread. John is a former staff writer for Human Events. He is a regular guest on the Rusty Humphries radio show, and has appeared on numerous other local and national radio programs, including G. Gordon Liddy, BattleLine, and Dennis Miller.

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