Wednesday, January 14, 2009

How Bad IS It? Don't Ask the President (Or Obama)

Just as GWB was inclined to ignore the bad news in the economy (see here, for one very small example), the O-and-Savior is inclined to amplify the bad news.

Not that they are politically-motivated, or anything.

Obama is intentionally painting a doomsday scenario — either to pave the way for huge tax increases, or to make himself look like a miracle worker even if things get much worse from here on out would not be surprising if Orszag’s projections closely mirrored those of the CBO. In fact, since Orszag is at liberty to project how these numbers will be improved by Obama’s policies (something CBO’s projections cannot do), we would expect that Orszag’s numbers would be better than those of the CBO.

Instead, they are dramatically worse.

While the CBO projects that current policies will yield deficits of roughly 1 percent of GDP by 2019, Orszag anticipates they will be 5 times higher. And that’s after Obama scrubs the federal budget line by line to cut our waste, after he restores economic growth, after he introduces extraordinary new efficiencies to health care, after he restores the solvency of our entitlement programs, and after he fixes the educational system and America’s crumbling infrastructure.
In other words, once Obama has delivered us a better world, the budget will look far, far worse than we think possible today.

GWB ignored the "non-borrowed reserves" number while it sank to negative territory for the first time since 1959--and suddenly paid attention with the $700Bn bailout (not to mention the $134Bn outright purchase of AIG, massive $$Bn taxpayer rescues of Detroit, Bank of America, (etc., etc., ad nauseam.) Wouldn't want to have a blemish on HIS record, no sirreee!!

O, of course, wants to paint the Bush Administration as the Worst In History, so he directs his budget guru to make Doomsday the day after tomorrow.

Party In Government=Party OF Government=PIG. How many times must we repeat that?

HT: RedState

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