Believe it or not, the federal deficit has fallen faster over the past three years than it has in any such stretch since demobilization from World War II.
From fiscal 2009 to fiscal 2012, the deficit shrank 3.1 percentage points, from 10.1% to 7.0% of GDP.
That’s just a bit faster than the 3.0 percentage point deficit improvement from 1995 to ’98, but at that point, the economy had everything going for it.
Other occasions when the federal deficit contracted by much more than 1 percentage point a year have coincided with recession. Some examples include 1937, 1960 and 1969.
Listen closely… that PBTPBTPBT! balloon-deflating sound you hear is another right-wing myth about the president dying at the hands of mathematical reality.