My Journalism Teacher Said There’d Be No Math – Today’s Quote

My Journalism Teacher Said There’d Be No Math – Today’s Quote

Thanks to a recovering economy [just saying it doesn’t make it so], spending restraint [by which we mean we didn’t increase spending by nearly as much as some inside the beltway wished to] and higher tax receipts [my tax bills went up, how about yours?], the Congressional Budget Office now projects the [increase in the U.S. debt] deficit for 2014 will be $514 billion, or 3% of the size of the U.S. economy.

As a share of gross domestic product [which is the total productive output of our country], that represents a nearly 27% drop from last year [if you consider a decrease in the annual increase a drop] , and marks the smallest [annual] deficit [debt increase] since 2007.

In its latest budget and economic outlook, released Tuesday, the CBO [the nonpartisan Congressional Budget Office] also projected that the 2015 deficit would reach a low [meaning that the increase in the national debt for 2015 would be the smallest annual increase] for the coming decade, at $478 billion, or 2.6% of GDP, and then stay below 3% for a couple of years after that.

But then the downward trajectory [of our annual overspending] ends.

Reported by CNN under the headline, Deficit continues to drop sharply – CBO – Feb. 4, 2014

Andrew’s Note: Why do we as consumers allow journalists to get away with not correcting the math…or the context of the numbers they’re handed.  Most economic reports I read anymore have been through so much spin that they’re still rotating.  A decrease in an increase of overspending is great economic news?  We’ve racked up so much national debt that even the IMF now thinks it’s questionable if we’re ever going to be able to pay it back.

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