The US budget deficit fell to $1.3 trillion (£813bn) in the year to 30 September, US Congress estimates say. The deficit, which comes after the end of the US financial year, represented 8.9% of GDP and was £122bn less than the 2009 level. However it is the second highest since the end of World War II. Complete article-: http://www.bbc.co.uk/news/business-11556037
This is BAD news as the deficit fell because BOTH imports and exports fell. People are so broke and indebted that they can't even afford made-in-china crap!
Of course unfunded liabilities are left out. With so much "off the balance sheet," it's hard to take these numbers with anything but a grain of salt.
Do people actually fall for this as if its good news? Its like imagine owing $100,000 on your credit card(and imagine now you only make $20k per year) Last year you racked up another 16k on your credit card, then tell your wife..."Hey honey...good news! I only added another $13k to our credit card this year. Isnt that great? Thats $3k less than last year...that means I getting more financially responsible!" This is basically what Obama is doing and the masses are falling for it.