Last week, the US Treasury Department released a statement amid great fanfare and triumph, that the federal budget deficit for fiscal year 2013 was ‘only’ $680 billion.
Yes, the sad state of affairs today is that a deficit of ‘only’ $680 billion is actually considered good news.
Now, I’ve spent a lot of time over the last week diving into the numbers to figure out the real story. And frankly I’m amazed that what I found hasn’t made front page news.
For starters, the big reason for this supposed drop in the deficit had nothing to do with fiscal restraint.
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