Claire Suddath

The September 7 edition of Time magazine features a brief article up front on "A Brief History of the U.S. Deficit." Writer Claire Suddath claims that the quadrupling of the deficit under Obama is somehow a good news/bad news story:

The good news is that the Obama Administration has scaled back its estimate of this year's budget deficit to an estimated $1.58 trillion (down from $1.84 trillion in May). The bad news is that this is by far the largest budget shortfall in U.S. history — nearly $900 billion more than last year's deficit — and it accounts for 11.2% of GDP, the largest percentage since 1945.

But the "brief history" really goes off the tracks when Suddath recycles every liberal Time magazine myth about fiscal policy in the last two decades of the 20th century:

President Ronald Reagan's economic and foreign policies — tax cuts combined with substantial increases in Cold War-era defense spending — led to a string of deficits that averaged $206 billion a year between 1983 and 1992. An economic boom and increased tax revenue under President Bill Clinton reversed the trend, and in 1998 the U.S. notched its first budget surplus in nearly 20 years.