Running (on) the Numbers: How is Obama Doing on His Promise to Halve the Deficit?
The Congressional Budget Office (CBO) spoke in front of the House of Representatives yesterday to give it’s 10 year projection on the outlook of the U.S. Economy. The CBO is a group of economists whose goal is to give “objective, nonpartisan, and timely analyses to aid in economic and budgetary decisions.” Here is what they had to say.
You can read a published form of the discussed report here it has all of the charts and graphs you’d ever want to look at.
One of the biggest failures revealed by the CBO in my eyes, aside from the fact that America has just lived through the four worst economic years since WWII, is President Obama’s inability to live up to his promise to cut the deficit in half during his first term (I’m not the first to discuss this, see here and here). How close did he get? Well, when he made the promise to cut the deficit back in 2009 it was hovering around 1.3 trillion. It is now 1.1 trillion and projected to be so for a long while. That is not a 50% drop, that’s about a 15% drop. The CBO also projects that unemployment will continue to stay around 8% through next year . . . that means that for his entire time in office, unemployment has been worse than when he took control. I’ll admit to being a horrible number cruncher myself, but even a dummy can see that those aren’t strong numbers to run on.