On October 14 (a Friday, naturally), Tim Geithner’s bunch released the final Monthly Treasury Statement of the 2011 fiscal year. It showed that for the third consecutive year, the federal government’s reported deficit was well over $1 trillion — $1.298614 trillion, to be exact.
That brought the three-year deficit total to just over $4 trillion. Less than $400 billion of that occurred while George W. Bush was still president. Since Barack Obama entered the White House bound and determined to “stimulate” the economy with dramatic — and, it’s now clear, intended to be permanent — increases in federal spending, the rest is largely on him, with unfortunate recent assists from a too-timid House GOP majority.
The reported deficits don’t even tell the whole story. From Inauguration Day 2009 through September 30, 2011, the national debt increased by $4.16 trillion to almost $14.8 trillion. In the first 19 days of October alone, we’ve seen another $141 billion piled on. Almost $600 billion has been added since the conclusion of the debt-ceiling melodramatics on August 1.