O.K. Fine. Rounds is Tea Party. Black is white. War is peace.
Too bad for Mike and his Tea Party pals that the deficit is falling like a rock...
The final numbers for 2014 announced yesterday by the U.S. Treasury show the federal deficit for the fiscal year that just ended did indeed fall as precipitously as I previously reported. As the report shows, the actual 2014 deficit was $483 billion, $3 billion less than what the Congressional Budget Office estimated a week ago.
For the record, $483 billion is $197 billion below the almost $680 billion deficit recorded in 2013. It’s also $930 billion, that is, close to $1 trillion, less than the largely recession-caused $1.4 trillion deficit in 2009. (Attention trolls: the Congressional Budget Office projected in early 2009, that is, before the start of the Obama administration, that, because of the recession, the deficit that year would be $1.2 trillion.)
In dollar terms, 2014 was the lowest federal deficit since 2008. And in the category most important to economists – the deficit as a percent of Gross Domestic Product – the 2014 deficit was 2.8 percent of GDP, the smallest since 2007 [Stan Collender, "Stop and Smell the Roses: Final 2014 Federal Deficit Fell... Big Time," Forbes, 2014.10.16].
...thanks to Obamanomics:
"The President's balanced approach to deficit reduction has made our tax code more fair, reduced spending and made critical investments to help drive U.S. competitiveness and growth," said Treasury Secretary Lew. "The President's policies and a strengthening U.S. economy have resulted in a reduction of the U.S. budget deficit of approximately two-thirds – the fastest sustained deficit reduction since World War II" [U.S. Treasury, press release, 2014.10.15].
President Bush's Tea-flavored voodoo economics brought us to the brink of economic destruction. President Obama has pulled as back to "fiscal normalcy."
And all the Rounds campaign can do now is toss some wet Tea bags that taste like sour grapes and hypocrisy.80 comments