“Barack Obama Deficit-Slayer”, by Matthew Yglesias, June 22, 2009:

As the economy recovers, tax revenues will rise, social safety net outlays will fall, and stimulus measures will begin to tamp down. If we can assume further growth in 2011, the complete expiry of Recovery Act provisions, and the winding down of the Iraq War, that’ll be further deficit reduction. On the merits, people would still do well to be concerned about the deficit further out when, in the absence of structural reform of the health care sector, Medicare costs will bury us all. But in the short term, things are going to look worse than they really are in 2009 and then look better than they really are in 2010. And of course people vote in the even-numbered years.

My take at the time here.

 
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