By the Numbers: Deficit Woes

BY THE NUMBERS "We unquestionably have a long-term fiscal problem. The central issue is, what do you do about it today? We're still in a recession, though it's not technically called a recession. Liberal economists argue the stimulus spending wasn't enough. The conservatives say it was misguided. They're probably both right." –Michael Granof Professor of Accounting +5% U.S. SURPLUS/DEFICIT AS A PERCENTAGE OF GROSS DOMESTIC PRODUCT 19308 19408 19508 19608 19708 19808 19908 20008 -5% 12011 -10% -9.8% 2009 -9.9% 2010 -10.6% PRESIDENT'S BUDGET 2011 $251 BILLION Interest on debt $25 BILLION Jobs initiatives OTHER $612 BILLION Other TOTAL SPENDING $3 BILLION Potential disaster costs -15% 1942 $11 BILLION Troubled Asset Relief -15% $297 BILLION Medicaid $1.1 -20% TRILLION Individual income taxes I$895 $491 1945 BILLION BILLION Medicare -22% Defense $297 1944 -23% BILLION Corporate income taxes $934 -25% BILLION Social Security and other pay- roll taxes $74 BILLION Excise taxes $25 BILLION Estate and gift taxes- $27 BILLION Customs duties. $730 BILLION Social Security $520-BILLION Other discre- tionary -30% 1943 $87 BILLION Other -31% SOURCE: CONGRESSIONAL BUDGET OFFICE PROJECTED DISCRETIONARY SPEND ------- ---. MANDATORY SPENDING DEFICIT | SURPLUS