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...?