Obama slashes the deficit
President Obama has cut the deficit more rapidly than any other president in the last half-century.
Under Obama, growth in federal spending has slowed to the lowest pace seen in 60 years. In fact, in inflation-adjusted dollars, federal spending actually dropped during the first term of President Obama, the first time this has happened since Eisenhower was president.
Say what? During the recent election, didn’t Republicans accuse Obama of “doubling the deficit” and of accelerating spending at an unprecedented level?
Yes, they did, and it was a lie. Fortunately, only about 47 percent of Americans believed the Romney/Republican lies.
The rest of us looked at the actual numbers. The last budget of the Bush administration carried a deficit of $1.412 trillion. (President Obama was arguably responsible for about one tenth of that). But, after that final Bush deficit, the deficit has been cut each and every year. The 2013 projected deficit has been reduced to about 2/3 of the deficit of the last Bush budget. (Click the link: http://merge.it/reality-based-community/)
Our deficit remains huge, as we finish paying for stupid wars, absurd tax breaks for billionaires and for the calamitous Bush-era financial debacle. There is no easy, quick trick for fixing such calamities. Hospital bills for a wounded veteran don’t stop just because the shooting part of this war is over. Tanks and helicopters need to be replaced. Investments are needed to save our neglected infrastructure, and so on.
As President Obama brings to an end the Bush wars, the tax breaks for billionaires and neglect of our infrastructure, we’re getting our American financial house in order. Those of us in the reality-based community, the majority of voting Americans, know it.
Despite the 47 percent who haven’t yet accepted reality, we are moving forward.