Since 2009, and since Senate Democrats last passed a budget, the Congressional Budget Office has calculated $1 trillion deficits each year with 2012 being no exception. But now, a new USA Today study shows that last year’s budget deficit wasn’t $1 trillion….it was actually $5 trillion.
The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government’s books.
It is well known by now that even if the government confiscated 100% of the wealth held by millionaires and billionaires in America, we still couldn’t pay off the $15 trillion+ national debt. But the latest $5 trillion deficit number doesn’t only impact millionaires and billionaires.