President Obama has doubled the deficit

I thank my partner for his presentation. I will address the arguments that have been presented in time, but first, I would like to present my argument in defense of the premise. That premise is, simply, that President Obama has decidedly not doubled the deficit during this first term in office. Mr. Romney is simply mistaken, or hyperbolic. As my premise is a statement of fact, it either is – or is not - true. However, in defending my premise, I am also necessarily challenging the assertion of Mr. Romney, that the president has doubled the deficit. I am an insufferable bloviator, and am more or less certain that I can manage both tasks. I submit the following: 1. The National Budget is not calculated by calendar year, but by fiscal year. The fiscal year runs from October through September, which means that the first nine months of President Obama’s first year in office was drafted entirely before he was elected. In addition to this, there was an unavoidable legislative delay before his policies were enacted, and had time to take effect. This period of national deficit buildup cannot reasonably be attributed to his policies, because he played no part in this process. [1] 2. The national deficit (not the national debt – there is a difference*) has been reduced under this president by about 8%. Since an 8% reduction is something other than a 100% increase, this is fairly conclusive. Justification: The Congressional Budget Office (CBO) placed the nation’s annual deficit at $1.19 Trillion in FY 2009, budgeted during the final year of President Bush’s tenure. The CBO reports that the 2012 budget shortfall for FY 2012 – the 2012 fiscal year which ended this September – was $1.09 trillion. There is about an 8% difference between these two figures – benefiting the President, and my argument. [2] 3. In order for the national deficit to have increased by 100% during the term of this president, it would have had to have reached a staggering $2.38 trillion in any given calendar year. Obviously, this has never happened. 4. New federal spending under Obama is lower than that of any president in a lifetime. The policies of this president, the policies that he is responsible for, are less expensive than any president since Eisenhower. [3] A major reason for confusion – and, I think a forgivable one – is the terminology. The national deficit is not the national debt. As my partner’s argument proves, even intelligent persons can make a mistake when discussing this subject. This is not a semantic trap; it is American citizenship 101 – a necessary thing for our generation to understand and to become educated on. So what is the difference between the debt and the deficit? Think of the debt as our long term obligations – like a car loan. And think of the deficit as a short-term shortfall in revenue - like a small paycheck that does not quite cover the monthly car note. You can have an auto loan – and hold a “debt” of, say, $25,000… but still bring in enough money each month to easily cover the car payment. In a scenario like this, you might have a debt of $25,000, but still be running a monthly budget surplus. A monthly deficit would occur if you were unable to make the monthly car note. This was the case during the Clinton years, for example. Our nation was carrying massive Reagan-era debt, but was also earning a healthy budget surplus with which to pay it off. The situation today is different; our overall debt is amazing, but the deficit situation, under Obama, is improving steadily, just as it did under Clinton. (At an 8% rate at present, slower than Clinton, I should add.) However, it seems unlikely that this was an honest mistake on the part of Mr. Romney, who has been running for president for nearly a decade, and would be expected to have educated himself on such matters by now. Therefore, my argument, as of this round, is: President Obama could not have doubled the national deficit, because it is lower today than it was when he was first able to impact it. Moreover, the explosion in spending that occurred in the first year of his presidency was drafted by his predecessor, in FY 2009. [1] Fiscal Year Explained … http://en.wikipedia.org... [2] CBO Figures (2009 to 2012) … http://cbo.gov... [3] Politifact Article – New Federal Spending Under Obama … http://www.politifact.com... While on Politifact, I noticed this last gem. I do hope readers will look it over: http://www.politifact.com...