In the 2014 fiscal year, which began at the start of this month, the federal deficit is expected to come in at just 3.4 per cent of Gross Domestic Product, according to the nonpartisan Congressional Budget Office. That’s down from 10.1 per cent of G.D.P. in 2009, when the Great Recession was at its height. And next fiscal year, the deficit will fall even further, to 2.1 per cent of G.D.P. No, you didn’t misread those figures. When President Obama says, as he did the other day, that the deficit has been cut in half, he is substantially understating what has happened in the past two or three years.
- Tea Party Has It Backwards on Falling Federal Deficits (crooksandliars.com)
- Now Is a Time For Growth (truthdig.com)
- CBO Says Short-Term Deficit Cut Won’t Avert Fiscal Crisis – Bloomberg (bloomberg.com)