Some economists will tell you a federal government budget deficit is not such a bad thing, and can at times even be a good thing. I’ve always been skeptical. I was quite pleased a few years back when Uncle Sam actually balanced the books for a while.
I wonder how many people are aware that the federal budget deficit has actually been coming down the last few years? The Bush deficit ballooned from 458 billion dollars in 2008 to a trillion-four in 2009, after the Great Recession hit. The projected Obama deficit for 2013 is 973 billion, though the Congressional Budget Office says it may be as low as 642 billion. It could be down to 577 billion dollars by 2015. Not great … but headed in the right direction at least.
As a percentage of the Gross Domestic Product, annual deficits have been dropping steadily for several years.
Our thought for today is from Mark Twain:
“Get your facts first, and then you can distort them as much as you please.”