krebscycle

Surplus of $128 billion in 2001. The last Clinton budget.

Deficit of $1.4 TRILLION in 2009. The last GW Bush budget.

Deficit of $457 billion in 2017. The last Obama budget.

Where did the money go? When Obama took office the last Bush budget left him with  $150B year over normal Defense operations and procurement expenses plus $30B/year extra Veterans medical expenses compared  2001. All of that is Iraq/Afghanistan war expenses that Bush funded on debt.  There was  $100B year expenses over normal for unemployment insurance and $30B./year increase in food stamps due to the recession. There was also  $200B increase in Medicare (the Medicare Advantage boondogle)  and $400B/year interest expenses on existing federal debt. Those differences plus existing debt payments alone add up to $900B/year. Over 6 years that is $5.4trillion in added debt – inherited from Bush.