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Using absolute $$ of deficits or anything other than percentages of increase of debt to concurrent period's GDP is nonsensical and is a case of Denominator Blindness Effect (aka ratio bias).
For example, in www.us-debt-clock.com - U.S. National Debt by President, from 1897 **:
Using $$ will obviously heavily skew the highest numbers to recent years, due to cumulative inflation... but highest %%, by far, was by FDR in 1930s Great Depression.
** Presidents share fiscal authority with Congress, and totals are affected by inherited budgets, recessions, wars, emergencies, tax policy, and interest costs.
#53 | Posted by Danforth at 2026-09-30 05:32 PM
Tell us: what happened to that surplus?
1. Ah, the "good old days" of gov't shutdowns and CRs... When Clinton lost Congress in 1994, he proclaimed "The era of big government is over!", then vetoed the "spending cuts + lower tax rates" balanced budget in 1995. The consequent CRs severely cut down spending (to 1.3% of GDP in 1996 and 0.3% in 1997)...
2. ... as we entered the era of "irrational exuberance" (Fed Chair Alan Greenspan in 1996) leading up to Internet Bubble and much higher government revenues from capital gains.
3. Finally, in 1997, Clinton-Gingrich-Lott budget deal cut both tax rates and spending, for $204B net spending cuts, including $77B from defense and $61B nondefense discretionary savings due to "peace dividend" :
(budgetcounsel.com (page 5) - Bipartisan Budget Agreement May 15, 1997 - PDF)
Nominal budget surpluses "under Clinton+GOP Congress" (real debt was still increasing, due to SS borrowing and off-budget items) started immediately, in fiscal 1998 and continued into fiscal 2001, when the US had to start dealing with the aftermath of both 2000 horrible burst bubble recession and 9/11.
BTW, after deficit rising to 1.4%, 3.3%, 3.4% of GDP in fiscal 2002-2004 (9/11 + Afghanistan + Iraq wars) it dropped to 2.4%, 1.8%, 1.1% in 2005-2007, and only rose to 3.1% in 2008 and 9.8% in 2009 as a result of GFC's market meltdown / tax revenues collapse and necessary Ben Bernanke'a liquidity injection plan (TARP), including $750B+ TARP loans, which were paid back to Treasury (with interest) by the banks "under Obama", so he was credited with that "revenue."
Obama, similar to Clinton, acknowledged "shellacking" after 2010 elections, when his 2010-2011 budgets failed to cut the deficits, but eventually agreed to spending and tax rates cuts, in 2012.
Obama's (and GOP Congress from fiscal 2012) deficits in fiscal 2010-2017:
8.6%, (GFC) 8.3%, 6.6%, 4.0%, 2.8%, 2.4%, 3.1%, 3.4% (8yrs = 39.2% of GDP)
Bush-43 deficits in fiscal 2002-2009:
1.4%(bubble burst + 9/11), 3.3%, 3.4%, 2.4%, 1.8%, 1.1%, 3.1%, 9.8%/GFC (8yrs = 26.3% of GDP)
These are truly comparable numbers.
In 1964 LBJ signed into law so-called "Kennedy-Johnson" Tax Reduction Act, the largest tax cut in U.S. history until 1981 - to stimulate the sluggish economy ("taxes... drag on economy, private sector") - yet in fiscal 1965 and 1966 tax revenues increased.
www.cambridge.org - The Kennedy " Johnson Tax Cut of 1964, the Defeat of Keynes, and Comprehensive Tax Reform in the United States.
www.coolidgereview.com - JFK Tax Cut ***
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That makes sense, it's actually not a bad result for Netanyahu's Likud party, in line with most . - s/b "in line with most elections there in the last 3 decades."