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Wednesday, February 16, 2011

Republicans Can Read

Which is awful, because they're talking about the president's outright lies about his budget and the national debt:
In his press conference the next day, Obama went further.

"What my budget does is to put forward some tough choices, some significant spending cuts, so that by the middle of this decade our annual spending will match our annual revenues. We will not be adding more to the national debt," he said.

Hey, didja know I can fly? I just don't, because I don't feel like it, but I sure 'nuf can fly. Also I can balance the budget, as long as you don't mind me borrowing to do it!

I can hardly believe that they think the public is this stupid. Even Congress Critters aren't that stupid, although they are famed for not reading the bills they pass.

If you have doubts about whether the president and the administration are telling the truth, you can go to the summary tables as posted at whitehouse.gov, and see page 3. You will note that debt held by the public is slated to rise some 864 billion between 2020 and 2021. This isn't a subtle lie. From 2018, the deficit is slated to rise to 3.0% in 2019 and then 3.1% in 2020 and 2021.

Then if you go to page 34, you see that they expect nominal GDP to be 24.9 trillion, and total debt (not just held by the public, but including the IOUs in the SS trust fund) to be 26,346 (page 35). In short, they expect public debt to be more than 100% of GDP in 2021. (September 30th, 2021).

If you want to compare this to CBO's last effort, you'll see that CBO uses more negative economic assumptions to get to about the same result.

The Republicans have painted themselves into a
corner. either they truly cut spending and watch
us slip back into a depression, or they cave and
are held in contempt. They only way out is to
raise tariffs to bring money and jobs back into the country.

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