Read the truth about the economy under Obama

By VICTORIA JONES
Talk Radio News Service

WASHINGTON – In January 2009, before President Obama took the oath of office, annual spending was set to total 24.9% of GDP. Total spending fiscal year 2012 is expected to top out at 23.4% of GDP.

Taxes today are lower than on inauguration day. In January 2009, the Congressional Budget Office projected that total federal tax revenue that year would amount to 16.5% of GDP. This year? 15.8%.

The deficit this year will be lower than on the day Obama took office. CBO said the 2009 deficit would be 8.3% of GDP. This year’s deficit is expected to come in at 7.6%

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Posted by on May 16 2012. Filed under Breaking News, Economy/Business/Labor, Top stories, US. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

2 Comments for “Read the truth about the economy under Obama”

  1. Alan

    Shhhhhh. Don’t bust the Republicans bubble. This is knowledge and facts; something they will never acknowledge as fact.

  2. frankie

    That’s because GDP is decreasing (which we want to increase). Of course, tax revenue is down, fewer people are working and investing! And of course, the deficit will be lower than the CBO predicted — the freshmen legislators took care of that concern. Unfortunately, spinning “facts and knowledge” still equates to BS.

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