Really? Obama Has Cut the Deficit by Two-Thirds Since Taking Office?

In a press conference announcing that Arnie Duncan would step down as Education Secretary, Obama slipped in another one of his well-worn, half-truths about the budget deficit.  As he has done before, he claimsed that he had reduced the deficit by two-thirds since taking office. Well, he's right.  He did cut the deficit -- the one he created with massive spending -- by two-thirds.

In George Bush's last year in office, the deficit was historically high at $458 billion; up from his second-to-last-year's deficit of just $160.7 billion.  Then Obama took office, and in his first year, with the stimulus and the $400 billion loss in tax receipts due to the recession, the deficit zoomed to $1.4 "trillion".  That's more than 3 times the amount as  when Bush left office, and nearly 9 times higher than Bush's pre-recession deficit of $160 billion.  In the next three years, the deficit was $1.3 trillion, $1.3 trillion, and then $1.1 trillion.  This year, it is estimated to be $582 billion; or roughly two-thirds  -- and I mean "roughly" -- less than the $1.4 trillion created in Obama's first year, but still higher than when Bush left office;  and certainly 3.6 times higher than Bush's pre-recession, second to last year in office.

Obama is a master at taking facts out of context in order to ingratiate himself with the public.

References:

Obama: “Since I Took Office We’ve Cut The Deficit By 2/3.”: http://www.politicususa.com/2015/02/02/obama-drops-truth-bomb-gop-since-office-cut-deficit-23.html

Tax Policy Center: Historical Federal Receipts, Outlays, and Deficits:  http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200