|Greenspan thinks the deficit is a problem. Here are the numbers,
draw your own conclusions.
Figure used for 2004 is $477 billion (adjusted to $410.8B 1996 dollars), which is Congress's estimate, and is roughly halfway between the $420 and $521 estimates, both from the White House.
Source: Washington Post
Figure used for 2003 is $375 billion (adjusted to $329B 1996 dollars).
All other numbers, including inflation adjustment figures for 2003 and 2004 are from the 2004 US Budget Historical Tables.
Party afilliation data is from CongressOL.com.
Shadow areas are WWII, Korea, Vietnam. This is to allow comparison of the typical deficit figures during war. Picking a specific date range for Vietnam is hard, use your own judgement.
Note also that the dot-com bubble coincides with the late 90's surplus.
The bars at the bottom of the charts show the political parties. The top bar is the president, the middle bar is the house majority, the bottom bar is the senate majority. Orange is Republican, blue is Democrat.
Click on the graphs for a detailed view.
Things to PonderWhich party is the fiscally conservative party? (the sorted deficit chart may help with this)
Which party is more likely to increase taxes? (the sorted taxation chart may help with this)
Which party is more likely to increase spending? (the sorted spending chart may help with this)
How much do major wars affect the deficit? (the first two charts may help with this)
How much do minor wars affect the deficit? (the first two charts may help with this)
Copyright 2004 Robert Bushman
This work is licensed under a Creative Commons License.