National Budget Deficit Trends
The CBO breaks that cost down over the eight calendar years of 2003-2010. Below is a picture of federal deficits over those years with and without Iraq War spending.
As Hoven points out, the deficits actually were shrinking until 2007, then started back up in 2008. What happened in between? Democrats took over Congress. Hoven adds some context (we all love context!):
The sum of all the deficits from 2003 through 2010 is $4.73 trillion. Subtract the entire Iraq War cost and you still have a sum of $4.02 trillion.
No one will say that $709 billion is not a lot of money. But first, that was spread over eight years. Secondly, let’s put that in some perspective. Below are some figures for those eight years, 2003 through 2010.
* Total federal outlays: $22,296 billion.
* Cumulative deficit: $4,731 billion.
* Medicare spending: $2,932 billion.
* Iraq War spending: $709 billion.
* The Obama stimulus: $572 billion.
There is an important note to go along with that Obama stimulus number: the stimulus did not even start until 2009. By 2019, the CBO estimates the stimulus will have cost $814 billion.
If we look only at the Iraq War years in which Bush was President (2003-2008), spending on the war was $554B. Federal spending on education over that same time period was $574B….
So spending $572B in two years stimulates an economy, but spending $554B over six years ruins one?
Depends on who did what, right?