Chart of the Day
Posted at 11:45 a.m. on Feb. 6
– Jed Graham compiles data from the Congressional Budget Office’s latest report on the budget showing the three-year deficit reduction as a percentage of GDP since 1950.
“After a burst of stimulus and financial rescue outlays in 2009, the fiscal retrenchment over the past three years was arguably steeper than at any time since World War II… there’s no question that the deficit is shrinking faster than it has in more than 60 years.”
“Even if the automatic spending cuts did not go into effect this year, the deficit of 5.5% of GDP would still show by far the biggest three-year improvement since World War II.”