President Obama's annual wish list is out:
White House officials appear to be declaring a victory of sorts over the deficit -- which is the annual budget shortfall. A White House statement touted the fact that "the deficit has been cut in half as a share of the economy" under Obama.Most of it is an energy tax, at any rate.
It is true that under the budget blueprint, the 2015 deficit would shrink to $564 billion from $649 billion this year. That's a sharp fall from year after year of $1 trillion-plus deficits during Obama's first term.
But even when the deficit shrinks, the national debt -- which basically is the nation's ultra-platinum credit card tab -- will continue to grow. A lot.