Budget Deficits for Dummies: Or how I learned to stop worrying and love $1.4 trillion

The U.S. budget deficit for fiscal year 2009, which ended in September, was a record-shattering $1.4 trillion, equal to about 10 percent of Gross Domestic Product.

In case you're wondering, the previous record had been set in...2008.

$1.4 trillion dollars is a lot of money and it's hard to get your mind around that figure. One way to appreciate the sum is to think of it in terms of all the things that you could buy with that dough.

The budget deficit, for instance, would pay for more than 1.2 billion nights at Rep. Charles Rangel's vacation condo in the Dominican Republic. And that's just for starters.

Don't worry if you have trouble doing the math, because you'll get another chance next year.

The Obama administration has just released its estimate for the fiscal year 2010 budget deficit. The number? Another $1.4 trillion.

Approximately 1.30 seconds. Written and produced by Meredith Bragg and Nick Gillespie.

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[NoSocialSkillz]

With the coming hyperinflation we should get some cool new currency. An obvious choice would be Lee Majors on the Six Million Dollar Bill.

[3martijns]

ANYONE in Congress who votes for MORE spending is a TRAITOR.

[LancairPropJet]

Every democratic president since FDR has has a budget surplus when leaving office. Every republican president during the same period has had a budget deficit (except Nixon's first term). Climaxing with Dumb Bush and his huge 20% deficit which he gladly donated to Obama. Now -for some reason- the republicans don't like deficit spending.

[2JAMMY]

Get rid of the people that run things and get some proper people. The present ones are really shitty at it!

[ricardorae]

I think you're talking about Debt, not deficit.

Deficit is simply the difference between the money a government collects and what it spends over the life of the budget (EG all the tax revenue for a financial year VS the services it spends those tax dollars on).

The debt however, is in the trillions, but this is because it's been accumulating since the very first political party took office.

[tnguyen318]

A budget deficit is not a debt. it is spending more money that you want. a debt is when you owe some body money.

[surrealnumber]

@SonnyTheWhiteDwarf its Satire you idiot.

hum, i could have tried harder on that one

[umrmecheman]

classic lol... it's for the children. how about the 30+ trillion in unfunded liabilities that is medicare and medicaid. Oh wait those programs had good intentions so that means i'm a scumbag.

[TheShnuz]

@SonnyTheWhiteDwarf hehe

[TheShnuz]

@SonnyTheWhiteDwarf To think that Sonny, your credit cards must not have caught up with you yet LOL

[bluecobra95]

This is a conversation I had today:

"Do you know how big the national debt is?"

"Around 5 or 6 trillion?"

"Twelve trillion; with trillion deficits set out for years"

*jaw hits floor*

[natdavi]

what's that word for when ppl say something so crazy you can't tell if they're making fun of the crazies or crazy himself... what's that word again?