U.S. Deficit Shrinking At Fastest Pace Since WWII, Before Fiscal Cliff
teabillys are failures and frauds
Believe it or not, the federal deficit has fallen faster over the past three years than it has in any such stretch since demobilization from World War II.
In fact, outside of that post-WWII era, the only time the deficit has fallen faster was when the economy relapsed in 1937, turning the Great Depression into a decade-long affair.
If U.S. history offers any guide, we are already testing the speed limits of a fiscal consolidation that doesn't risk backfiring. That's why the best way to address the fiscal cliff likely is to postpone it.
While long-term deficit reduction is important and deficits remain very large by historical standards, the reality is that the government already has its foot on the brakes.
In this sense, the "fiscal cliff" metaphor is especially poor. The government doesn't need to apply the brakes with more force to avoid disaster. Rather the "cliff" is an artificial one that has sprung up because the two parties are able to agree on so little.
"MoronJuniorClassMate". I read that article. It also says Obama gets no credit because he has nothing to do with it. The deficit is shrinking because many of Obama's 'extraordinary govt. supports are unwinding'. The articl scoffs at the idea of crediting Obama or the Dems for the shrinking deficit.
"JuniorClassMate" is not only stupid. He's a LIAR, as well.