Loading ...this article argues that deficits and the federal debt are two separate items. So he’s great.
Is he right about the deficit dropping by two-thirds?
What the White House says
As a reminder, don’t get the deficit twisted with the debt. They are only related, not the same.
The country’s annual deficit is the difference between what the government collects in revenues and spends in one year. The national debt, which exceeds $18 trillion, is the net of annual deficits minus any annual surpluses.
To back up his claim, Obama is comparing his first budget year in office — 2009 — to 2014.
The White House is breaking down the deficit as a percentage of Gross Domestic Product, or GDP, and not actual dollars. Economists told us this is a valid way of analyzing the deficit, because it factors in the economy’s change over time. The White House sent us this chart, which relies on data from the White House Office of Management and Budget. Read more here
I don’t care what they call it….$18T in debt and $125T in unfunded liabilities. Obama: Look I saved the world! I think it’s deceit.
