The Budget Deficit Big Lie and When Will Soaring Debt Finally Matter


Change in public debt vs the purported fiscal year deficit. Data from St Louis Fed, chart by Mish.

Change in public debt vs the purported fiscal year deficit. Data from St Louis Fed, chart by Mish.

Chart Notes

  • The change is debt is end of calendar year from the end of the previous calendar year.
  • Alleged deficits are fiscal year distortions of reality. 

The Big Deficit Lie

Nearly every year, debt rises more than the alleged deficit. This is not a fiscal vs. calendar year distortion, but an ongoing deficit lie. 

For example, there were alleged budget surpluses in four consecutive years, 1998 through 2001. Yet debt only fell once, in the year 2000, by 113.875 billion vs a purported budget surplus of $236.241 billion. 



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