When Reading Alleged “Good News” On The Deficit From Team Obama, Remember That The Deficit Was $160 Billion In 2007. It Was Projected At $1.6 Trillion For This Year.
The Washington Post’s story on the “good news” on the deficit is remarkably free of the context that should accompany every story on the explosion in government spending. Except for this chart:
This is a ruinous level of spending, the sort of wildly-out-of-control hosing of printed money that could lead to a national fiscal stroke. Happy talk about a hundred billion of possible savings here and there and a reduction in earmarks should not divert attention from the fact that President Obama has led the country over a fiscal cliff, and has no solution in the offing except for a commission that will recommend vast tax hikes the prospect of which already chills investment and job growth.