In his State of the Union address and elsewhere, President Obama has been claiming that his administration has “cut” the deficit by about two-thirds.
As pointed out in this Washington Times editorial, all isn’t as they would have us believe:
The deficit has indeed declined, but from the $1.4 trillion peak achieved in Mr. Obama’s stimulus-fueled first year in office. He can hardly celebrate cutting in half what he first tripled.
Many informed citizens aren’t fooled by the deceptive rhetoric and understand how serious it is that the national debt now sits at well over $18 trillion.
That’s true. The Congressional Budget Office projects that deficits will significantly increase as Obama leaves office.