At first, I thought this article was a parody. Then I realized the author is serious. The title: Obama’s greatest failure: The rapidly falling deficit.
The author writes:
Ever since 2009, when the recession and the stimulus package pushed the annual budget deficit to a peak of nearly $1.5 trillion, it has been falling steadily. Last year it came in at $680 billion; this year it is projected to total $492 billion.
This is an absolute disaster. It is President Obama’s single greatest failure, representing the fact that he, and the rest of the American government, did not adequately respond to the Great Recession. It means that millions of Americans were kept out of work, that trillions in potential output was flushed down the toilet, and that the American economy was very seriously damaged, probably permanently, for no reason at all.
Simply keeping government employment on the Bush-era course would have directly created 1.5 million more jobs, and hundreds of thousands more through the multiplier effect, in which jobs beget jobs through increased consumer spending. Another stimulus would have had us at full employment years ago (and possibly would have even paid for itself in fiscal terms).
Instead, we’ve slashed spending and fired hundreds of thousands of government workers.
Hundreds of thousands of government jobs lost? If only it were true!
The total number of federal jobs lost due to the 2013 sequestration was . . . one.
Then there is austerity. “Austerity” means a reduction of federal spending. Has there been a reduction in federal spending? No. It has risen since 2009. It has stabilized since late 2012.
The Wikipedia entry on the sequestration of 2013 reads as follows:
The reductions in spending authority are approximately $85.4 billion (versus $42 billion in actual cash outlays) during fiscal year 2013, with similar cuts for years 2014 through 2021. However, the Congressional Budget Office estimated that the total federal outlays will continue to increase even with the sequester by an average of $238.6 billion per year during the next decade, although at a somewhat lesser rate.
The author concludes: “For my money, the crazed bipartisan panic over the budget deficit that swept the political class in 2010 is the single most contemptible political event of the Obama era.”
Liberals live in fantasyland.