Here we go again with misleading headlines about the federal deficit and federal debt (two distinctly different things).
The federal budget deficit has fallen sharply over the past few years and is on track to decline even further, according to a new report from the Congressional Budget Office. <source>
Gee that sounds great, doesn’t it?
The deficit this year is expected to be $514 billion <source>
Hey, isn’t that HALF A TRILLION DOLLARS?
Sure it is, but let’s all drink the Liberal koolaid that Barack Obama is doing a great job on deficit reduction.
And how about this misleading statement:
The most important thing is that you’re getting your debt down as a percentage of the economy, and that it’s on a downward path,
said Jason Furman, chairman of the Council of Economic Advisers. <source>
A “downward path”, eh?
Here is the truth, revealed almost as an afterthought in media stories:
…the national debt — the cumulative effect of those annual budget deficits — is still a problem, the CBO said. The debt will be $17.6 trillion this year, growing to a projected $27.2 trillion by 2024. <source>
Wait, what happened to the “declining deficits”?
We are going from $17 trillion owed, to $17.6 trillion, to $27.2 trillion by 2024.