Our Deficit Is Shrinking…

Thom Hartmann

Most Americans may not know it by listening to Republicans, but reality shows that our deficit is shrinking. And, if you didn’t know that, you’re not alone. A new Google poll found that nearly half of Americans think that the deficit is actually increasing. During the first ten months of 2012, the government spent 973 billion dollars more than it took in. The deficit for this year is currently $600 billion, and projected to wind up at a total of $670 billion at the end of the fiscal year. That’s about 30% less than last year. And, as a percentage of our GDP, the deficit is less than half of what is was in 2009, when President Obama took office.

No matter how you calculate it, the numbers show that the Republicans’ ominous warnings about deficits are nothing more than fear mongering and excuses to slash social spending. In addition, these figures show that we don’t have to destroy our social programs to improve our nation’s fiscal woes. According to Daniel Gross of Newsweek, “the miracle cure for deficits, it turns out, isn’t ripping up the social safety net, or a grand bargain. It’s growth.”

It’s highly unlikely that these figures will have any impact on the Republicans’ effort to shrink government to the size it can be drowned in a bathtub. But, the evidence is clear, and it shows that investing in our nation is the best way to stimulate our economy, and further-reduce our nation’s deficit. We can’t cut our way to prosperity, but we can stimulate our economy and spur even more economic growth.

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