Has the Deficit Really Been Cut in Half Under Obama?

Obama and Company have made much over the ‘drastic’ drop in the annual deficit since he took office. In fact, he had promised to cut the deficit in half by the end of his first term in office, but he never specified in half from what and there is the rub. You see, in the final year of the Bush disaster, I mean, presidency we had a little thing happen, the end of the world as we knew it hit. The mother of all crises was on our doorstep and government had to do something it never had done before, bailout the private sector.

This was done through TARP, a $700 billion dollar check to banks, automakers and insurers, but that wasn’t planned, it was a one-off event and Obama voted for it. The bottom line is that it drove the annual deficit up to over $1T but it wasn’t actual budget spending and was repaid, which also offset future annual deficits. Are you still following this? This is why they can lie and get away with it. To blame the crisis on Bush is inaccurate and to blame the deficit going over $1T as Bush’s fault is also inaccurate, it had to be done unless you really don’t like America and our way of life. We worry about blame way too much and truth be known the blame goes to Clinton, Larry Summers as well as Bush and the democrats in Congress, but no one likes the truth so why bother explaining.

Has the Deficit Really Been Cut in Half Under Obama?