The story of out-of-control debts and deficits is just plain wrong. US deficits have fallen in the past four years

in ,

Dean Baker, at The Guardian writes:

Republicans are delusional about US spending and deficits

Contrary to the widely repeated stories of out-of-control deficits and spending, deficits have plunged in the last four years falling from 10.1% of GDP in 2009 to just 4% of GDP in 2013. The Congressional Budget Office projects the deficit to be just 3.4% of GDP in 2014. The latest projections show the debt-to-GDP ratio falling for the rest of the decade.