The Deficit is Shrinking Faster than Any Time Since WWII

From the (totally not liberal) Investor’s Business Daily:

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.

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  • GrafZeppelin127

    I’m still astonished that no one on the TV, least of all the debate moderators, ever called out Mitt Romney’s blatant, obvious, ridiculous lie that President Obama, “unfortunately … doubled” the federal budget deficit.

    As we all know (and yes, this is obligatory, as it is to point out that since Presidents don’t control federal spending it’s inaccurate to claim that any President did anything to the deficit), the deficit was $1.3T on 20 January 2009, and as of October 2012 it was about $1.1T. It was not $2.6T. 1.3 x 2 ≠ 1.1. Math!

    And for the maroons who can’t distinguish the deficit from the debt (although Romney was clearly referring to the former), even the latter did not “double” since 1/20/09. On that date it was ~11T. As of October 2012 it was ~16T, not ~22T. 11 * 2 ≠ 16. Math!

    • rob black

      Yep, I have this argument daily (so much so that I just carry the numbers around in my head)….”but..but….Obama exploded the deficit!!”
      If by “exploded” you mean “made smaller” or “reduced” ..$1.3 trillion – est. $950 billion = “you are stupid and don’t know what the deficit is”!!
      ….”but …but $16 trillion!!” Yes that is the DEBT. Obama didn’t start at zero, he started at $11 trillion, handed to him by a man who was himself handed a “surplus”…which could have been used to pay down the DEBT…but was instead pissed away in tax cuts, pharma gifts and unfunded wars.
      Literally a conversation I had yesterday. They looked back at me with the eyes of a dog who doesn’t know where I hid the ball. Then retired to a room of fellow travelers to whisper about “food stamps” and HUD..and Mexicans.
      It is like living in a world where most of the adults are actually toddlers in grown up bodies. Except toddlers don’t make me want to throttle them….

      • D_C_Wilson

        Well, give your friend some points for bravery. His fellow travelers sent him as an advance scout to see if it was safe to emerge from the bubble.

        Obviously, his report back was not favorable.

    • bphoon

      The only basis I can think of for Romney’s repeated claims that Obama doubled the deficit would be the GOP’s false claim that the budget deficit Bush left Obama was ~$500 billion. That only holds water if you don’t add the costs of the wars in Iraq and Afghanistan which Bush funded with emergency supplementals for six years. First thing Obama did upon assuming office, as we know, was make sure the deficit figures accurately reflected reality.

      • GrafZeppelin127

        Right; I’ve heard that. The FY 2009 budget that Bush submitted to Congress in early 2008 indicated a ~$500B deficit. Between the off-budget items (including the wars and Medicare Part D as well) and the collapse/recession that started in September, that projection more than doubled before Obama was sworn in.

        Of course that doesn’t matter; GOP fans are required to believe that Obama, like all Democrats, is a big-gubmint spend-o-maniac, so they reverse-engineer reality to match that requirement.

  • muselet

    Isn’t it interesting that Investor’s Business Daily didn’t see fit to inform its readers of that important fact before the presidential election just past?

    –alopecia

    • bphoon

      Would have been nice (doubly so if any other media outlet had as well). Didn’t seem to matter, though, in the end.