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Wayne Independent - Honesdale, PA
A blog 'for independent minds'
Shrinking the deficit
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About this blog
Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion ...
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Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion section of the MetroWest Daily News in Framingham, Mass. As such, our focus starts there and spreads to include Massachusetts, the nation and the world. Since successful blogs create communities of readers and writers, we hope the \x34& Co.\x34 will also come to include you.
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By Rick Holmes
May 15, 2013 12:15 p.m.



You won’t hear much about it from the scandal-obsessed Washington press corps, but the federal deficit has been coming down dramatically.

How dramatically? In 2010, the deficit was 10 percent of GDP. The CBO reported this week it’s now down to 4 percent of GDP.  The economy is coming back, the bailout money is being paid back to the treasury, and the austerity initiative – tax increases and budget cuts – is having its intended effect.  Those cuts are hurting economic growth, of course, and unemployment is still way too high, but the Republicans in Congress demanded that cutting the deficit be a higher priority than creating jobs.

So Washington, despite or because of its partisan paralysis, succeeded.  Suppose they’ll now offer congratulations all around and get on with the business of helping the private economy grow? Fat chance.

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