The vast majority of Americans believe that the deficit has soared in the Obama era. Late last year, a Bloomberg Politics Poll found that 73% of the public believes the deficit has gotten bigger over the last six years. (This belief appears to be founded in equal parts upon a campaign of intentional disinformation and a conviction among rightwing conservatives that Obama is the AntiChrist determined to destroy America.)
The latest Congressional Budget Office projections tell a rather different story:
The budget deficit for 2015 is expected to drop to roughly $425 billion, according to a report released Friday by the nonpartisan Congressional Budget Office (CBO).
That’s down from the $486 billion the CBO projected in March. If it drops to $425 billion by the end of the fiscal year on Sept. 30, it would be a seven-year low for the government’s annual budget shortfalls.
Another Bloomberg poll found that only 6% of Americans are aware that the deficit is shrinking. So 94% of Americans are totally unaware that we have seen a $1 trillion dollar– that’s trillion with a “t” – deficit reduction since Obama took office.
As Steve Benen has written, this seems like the sort of development Tea Partiers and the Beltway’s Very Serious People should consider an extraordinary accomplishment. And I’m sure they would–If anyone other than Obama had accomplished it.