Obama Lowered the Deficit Faster Than Any President Since Clinton
Late Friday afternoon, the Treasury Department published the official report on the U.S. budget deficit for the most recent fiscal year: $1.089 trillion. While that’s obviously still a very large budget shortfall, the deficit is $200 billion smaller than it was last year, and is nearly $300 billion smaller than when President Obama took office.
To add a little historical context to this, over the last four decades, only two presidents have reduced the deficit this much, this quickly: Bill Clinton and Barack Obama.
And yet the right will still claim time and time and time again that the deficit has grown more under Obama than any other president in the history of ever.
“First, Obama, whether the public realizes it or not, has a record he can brag about when it comes to deficit reduction — very few president in American history can boast about having inherited a massive deficit, then cutting it by nearly a fourth in just one term.”
Oh fun! Something to share with the armchair economists and deficit hawks I know.