Woohoo: Finally some good news about America's deficit?

The Office of Management and Budget (OMB) announced Monday that this year's deficit will shrink to a mere $759 billion!  Isn't that good news?!

Well, "good" is a relative term...

NRO's Jim Geraghty offers some context for this figure:

Looking at the inflation-adjusted numbers for our annual deficit, year by year . . . $500 billion used to be considered a really big annual deficit. We hit that in 2004; unadjusted for inflation, it came in at $413 billion. Back in 1991, the year’s deficit came in at $453 billion. So a half a trillion was the pre-Obama all-time high.

Now look at the Obama era:

2009: $1.5 trillion

2010: $1.36 trillion

2011: $1.32 trillion

2012: $1.1 trillion

In other words, Obama’s best year is 50 percent worse than it’s ever been before.

Uh, well  done...?