That sounds like anytime a politician pats himself on the back for lowering the deficit. "We weren't quite as reckless and irresponsible as we were the last time. We call that progress!"
Okay, it's actually worse. You can't hide the price of goods and services the way you can excess government spending, although we are on the way to making those two problems converge. People hear the President and his supporters make claims like this, but their energy bills are still high. They're paying a lot for gasoline. They're paying a lot for food. They're paying less for police, though. I guess that's where the savings are being realized.