September 16, 2014

Obama: Deficits Falling at Fastest Rate Since WWII. Is that True?

In a speech marking the fifth anniversary of the financial crisis, President Obama claims credit for cutting the deficit in half. But one reason it fell so fast is that it shot up so high in the first place.
September 16, 2013
The Christian Science Monitor

Excerpt

“This year’s lower deficit can be largely attributed to short-term economic factors rather than systemic reforms in the federal budget,” writes the Concord Coalition’s Steve Winn. Looking ahead, CBO now projects that the deficit will continue to narrow until fiscal 2016, when it will again begin widening, as more and more baby boomers retire and become eligible for Medicare and Social Security.That means the nation’s fiscal problems are far from solved. The core challenge involves trimming federal health-care costs enough to bend the curve of ever-rising Medicare and Medicaid expense