Spinning the deficit

This morning, the White House released new figures projecting a much lower deficit than it had predicted just a few months ago. Doesn't that sound like good news? However, when it comes to deficit statistics, no good news is left unanswered. Indeed, spinning statistics for political purposes is an art: For example, in the AP article, the "positive" spin on today's announcement is this: "When measured against the size of the economy — at 2.3 percent of gross domestic product — the 2006 deficit would be lower than the deficits of 17 of the past 25 years." The negative spin: "The 2006 deficit may be lower, but it represents a $600 billion swing from the surplus projected in 2001. And a deficit of $296 billion is still a large deficit. In nominal terms, it's one of the four largest in history." Half full? Half empty? Apparently, it depends on who's looking. Perhaps we can all agree the deficit is heading in the right direction.