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I used the word “incorrect” in the title because I’m feeling momentarily generous. A more precise word would probably have been “lied".
Today’s news about deficits is, not surprisingly, much worse than the already-bad picture painted for us by the Obama administration and their ridiculously rosy economic forecasts.
An AP article entitled “$1 trillion deficits seen for next 10 years” explains that:
* “Congressional Budget Office figures predict Obama’s budget will produce $9.3 trillion worth of red ink over 2010-2019. That’s $2.3 trillion worse than the White House predicted in its budget.” Since economic forecasts have not worsened in the few weeks since the Adminstration made its proposal public, it means that they underestimated the debt they’re piling on future generations by a full 30% with no excuse to be made about changing forecasts.
* “Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.”
Nobody who has been paying attention is surprised by this news. But now that it’s come from the CBO instead of from evil supporters of liberty and free markets, maybe the public and – dare I say it – Democratic legislators will start pushing back against the destruction of our nation’s economy.