Probably on par with Cap Weinberger’s myth of “Soviet Superiority” which then President Reagan used to jack up spending to pull out of his double-dip recession – which had been facilitated by supply side economics which he quickly ditched.  Instead, Reagan spent into a deficit which by 1984 exceeded all deficits combined since Washington’s Presidency.

Really, deficits are a minor economic issue unless they are high in proportion to Gross Domestic Product. But what Reagan came to understand for the late 80s was what Clinton learned in the 90s and the Republican opposition has refused to understand over the past decade is that the only way to reduce deficits is to expand the economy to increase revenue generating transactions.

President Obama, whatever his shortcomings, understands economics.  And during his Presidency, the deficit has been reduced by one trillion – something which has never been accomplished before.  But you wouldn’t know that from the media coverage.

From the article:

“The Republican rhetoric was ridiculously wrong. We don’t have a trillion-dollar deficit; the deficit isn’t the ultimate problem; and it’s not growing.
Strong growth in individual tax collection drove the U.S. budget deficit to a fresh Obama-era low in fiscal 2015, the Treasury Department said Thursday.
For the fiscal year that ended Sept. 30 the shortfall was $439 billion, a decrease of 9%, or $44 billion, from last year. The deficit is the smallest of Barack Obama’s presidency and the lowest since 2007 in both dollar terms and as a percentage of gross domestic product.
Keep in mind, in the Obama era, the deficit has shrunk by $1 trillion. That’s “trillion,” with a “t.” As a percentage of the economy, the deficit is now down to just 2.5%, which is below the average of the past half-century, and down from 9.8% when the president took office.”

Budget Deficit