RIGHT WING FINGERS IN THE EARS AND A LA LA LA LA LA LA LA Here is a story you might not have heard, particularly if you get your information mostly from Fox News, right wing websites or the Republican Party. The federal governments annual deficit has shrunk again. A 115-billion dollar surplus in September prompted the non-partisan Congressional Budget Office to revise its deficit forecast downward to 486-billion dollars for 2014. That means that since President Obama was elected, we have trimmed almost one-trillion dollars from the deficit. The CBO also projects an even smaller deficit for 2015. Were down more than two-thirds from where it was in 2009 when we were operating under the final budget of President George W. Bush. Did you hear that, my right wing friends? DEFICIT DOWN BY TWO-THIRDS! Thats right. Despite what Republicans say about runaway spending and exploding deficits, we are experiencing an historically massive reduction of the deficit. Critics might say that it wasnt too difficult to reduce such a large deficit (Bush had it up to 1.4-trillion dollars) but the achievement under President Obama stands up to comparison to anytime in recent history. In terms of spending to gross domestic product, we are now well below the 40-year average. the CBO says an expanding economy (yes, Republicans, the economy is EXPANDING) is the driving force behind the fastest deficit reduction weve seen in 60 years. So while you hear the GOP constantly tout itself as the party of fiscal discipline, the facts show that its just talk. It is the other major party which walks the walk when it comes to whos in the White House. Here are the facts. Reagan : Increased deficit by 30%. George H.W. Bush : Increased deficit by 31%. Clinton : Turned a deficit of $418 billion into a surplus of $171 billion. George W. Bush : Turned a $171-billion surplus into a $1.4-trillion deficit. Obama : REDUCED deficit by nearly 70%
Posted on: Thu, 09 Oct 2014 22:15:31 +0000
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