Lowballing The Deficits
Posted by: Staff in Fiscal Responsibility on
Apr 22, 2009
Don Surber takes a looks at look at President Obama's unrealistic accounting of future deficits:
Michael Pento: "The Obama administration predicts GDP growth for 2010 will rebound to 3.2% and then increase by more than 4% for each of the next three years!"
That is unrealistic.
How unrealistic?
Over the last 11 years, the economy grew at no more than 2.7%. The trend long-term is 3%.
Pento said, "President Obama is smooth. He has an incomparable ability to say the correct thing and then doing the exact opposite."
But Obamanomics is pie in the sky.
We guess President Obama's pledge for an "honest accounting" in his budgets only applies to spending ...
In keeping with my commitment to make our government more open and transparent, this budget is an honest accounting of where we are and where we intend to go. For too long, our budget has not told the whole truth about how precious tax dollars are spent. ... We need to be honest with ourselves about what costs are being racked up -- because that's how we'll come to grips with the hard choices that lie ahead. And there are some hard choices that lie ahead.
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