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The current-account deficit has shrunk.
The pension deficit has shrunk, again.
The city's budget deficit has shrunk in recent years but Mr Garcetti has no clear proposals to eliminate it.
The United States' current-account deficit has shrunk, too, to 3.1 percent from 5.1 of American gross domestic product.
The weaker dollar helps explain why the trade deficit has shrunk from 6% of GDP in 2006 to about 4% today.
Exclude oil, and America's current-account deficit has shrunk to an eight-year low of 2.4% of GDP.But oil and other commodities are the crux of the problem.
Similar(41)
In 2011, Obama promised to reduce the deficit by $400bn over a decade and when the financial year came to a close on 30 September 2015, the federal deficit had shrunk by $45bn in the space of 12 months – but it was still an enormous $439bn.
Bond yields in peripheral countries have fallen; worries that some members might be forced out have dissipated; budget deficits have shrunk; the first signs of recovery are showing in Ireland and even Spain.
Inflation is down, interest rates are dropping, the rupee is stable, and fiscal and current-account deficits have shrunk.
While that has shrunk the federal deficit significantly — this year, the deficit is likely to come in at around $775 billion, compared with $1.1 trillion in the previous year — the sudden contraction is likely to slow the economy further, cutting the growth in America's economic output this year by about 1.5 percentage points.
But the biggest factor has been the deficit in trade in goods, which has shrunk by 2.2% of GDP.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com