Though G.O.P. media talking points would have us all believing differently, the reality of how our nation is doing economically has been released by the U.S. Treasury Department. While you may have been distracted by the latest reality television show, you might have missed this little “fact bomb.” The truth, according to The Treasury is, the federal deficit is continuing to drop. The Treasury puts this year’s deficit at $483 billion. Yes, we hear what you may be saying in your head, “…that’s a lot of money and a whole lot of debt.” However, putting that number in perspective, it’s also a six-year low.
When President Obama took office in 2008, the deficit was more than $1 TRILLION. Yes, trillion with a “T.” The 2014 level represents a roughly 29-percent drop from the previous year. The drop is attributed to more robust economic growth and a decline in unemployment. The nation’s jobless rate dipped to five-point-nine percent last month.
The government’s fiscal year ended on September 30th and that was what was given as to the timing of the reports’ release.
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