Why the drop might not be so exciting
Experts told us that while Obama's math may be correct, it's missing some important caveats.
First, it's important to note that the deficit swelled in 2009 (hence the steady drop). In 2008, the deficit was $458 billion, or 3.1 percent of GDP. Those deficits are smaller than the ones the country is facing today. The 2009 fiscal year represented a huge jump in the deficit, partly because of the massive stimulus program to jumpstart the cratering economy.
"This is not to say that that large deficit was his fault, but if one used the 2008 deficit as a frame of reference, the comparison would be quite different," said Alan Auerbach, University of California Berkeley professor of economics and law.
Also, some economists we consulted pointed out that the 2009 fiscal year was Obamas first year in office, and so not necessarily a good starting point since he had little control over the spending in that year.
And there's another issue. Princeton University economics professor Harvey Rosen said the more important question is if Obama has put the government on a path that will keep deficits stable. "And the answer is no," Rosen said, because entitlement programs, such as Medicare, Medicaid and Social Security, have not had substantial reform
http://www.politifact.com/truth-o-m...-obama-claims-deficit-has-decreased-two-thir/