It was just announced that the U.S. Budget Deficit in fiscal year 2021 ending September 30, 2021 was $2.772 trillion, which was the second highest in history. The 2021 budget deficit was slightly improved from the 2020 budget deficit of $3.132 trillion.
We decided to go back to August 2012 to see what the Congressional Budget Office was projecting the fiscal year 2021 budget deficit to be at that time.
In August 2012, the CBO was projecting a 2021 budget deficit of $144.07 billion. The cumulative 2013-2021 budget deficit was projected to be $2.044 trillion.
The 2021 budget deficit of $2.772 trillion was 19.24X higher than the 2021 budget deficit that was projected in August 2012 of only $144.07 billion.
The 2021 budget deficit of $2.772 trillion was 35.6% larger than the budget deficit we were projected to have for the entire 9 year period of 2013 through 2021 of $2.044 trillion!
Our actual cumulative budget deficit for 2013 through 2021 was $10.523 trillion or 5.15X higher than projected!