Obama’s government has shaved $1 trillion off the budget deficit.
Not too long ago, the airwaves were awash with incessant political talk about the huge budget deficit of the United States.
The Tea Party movement clearly believed the Democrats were failing to shave anything off the alarmingly huge deficit. They said that President Obama wasn’t equipped to deal with the situation, and they even took to the streets in protest.
In 2013, Senator Rand Paul (R-Ky.), lent his voice to the radical political agenda of the Obama Administration, and he stated among other things that:
“What I would say is extreme is a trillion-dollar deficit every year.”
Not far behind was the then House Majority Leader Eric Cantor (R-Va.) who stated that:
“Congress should be focused on trying to deal with the ultimate problem, which is this growing deficit.”
Now, the bombshell:
There is no trillion dollar deficit to shave off. The deficit isn’t the problem and it definitely isn’t growing.
“Strong growth in individual tax collection drove the U.S. budget deficit to a fresh Obama-era low in fiscal 2015.”
This effectively knocked the deficit down by $1 trillion in the Obama era. This represented just 2.5% of the economy which is well below the average of the past 50 years, and down from 9.8% when the President took office.
That’s some serious debt reduction, don’t you think?
The public have been fed the Republican rhetoric that the budget deficit has grown. Even as late as 2014, about 73% still believed the deficit was growing, while in fact, a huge chunk of it has been shaved off!
The reality is that the deficit has definitely shrunk by a huge amount during the Obama era, and they should choose their candidates based on that reality. They should also not swallow every BS story thrown at them.
If you were on the “Obama has added to the huge budget deficit” train, you may need to jump over to the “Obama has shaved a huge chunk off budget deficit.”
Don’t you think?
Featured image Credit: Steve Benen via MSNBC.