The White House on Monday projected 2009 and 2010 federal budget deficits far higher than it forecast just two and a half months ago, even as it continued to defy most experts and predict that the economy is headed for a strong comeback starting late this year.
Economists scoffed at the latest administration predictions.
“If they keep playing this game, they’re going to have real credibility problems,” predicted Brian Bethune, the chief U.S. financial economist at IHS Global Insight, an economic research firm.
Deficit more than quadruple the size of the 2008 deficit in only four months. They’ve already got credibility problems with the public, to say nothing of these games with assumptions.
Katherine, that as maybe, but as the Democrats know all the pigs (including Republican pigs) are at the trough and they even want more. That is where the votes are. Largess is where you buy votes. Of course where the economy is healthy that will have to be taxed and the accumulation of wealth penalized. Oh well. At least it worked well for the Soviet Union.
Br. Michael, with about two years to go until my husband retires, we’re going to pay off our mortgage this year (on a house which is reasonably priced and sized). We have lived below the spending our income could have allowed for years, contributing to church and charity and paying for our kids to get undergraduate degrees. Retirement on our savings is still okay, somewhat less than before, but still fine. I am waiting, therefore, for them to come take some of our savings because we “have too much” and “it’s not fair.” There was a threatened “wealth tax” during the Clinton years which did not materialize. I’m watching.
“rosy optimism” = Rose Colored Glasses.
To the Democrats, the mantra is “We’re not Bush, so whatever we do and how much we raise spending is good for the US of A.”
Thank you [url=http://lyricsplayground.com/alpha/songs/w/whatsgoodforgeneralbullmoose.shtml]General Bullmoose[/url].
#3, Katherine
God Bless you and yours. I’m old enough to remember a few years of the Great Depression. I can read of the failure of 7,000-9,000 banks that failed at that time. Similar to today we were not able to bail out too many banks. At the cost of repeating myself I am trying to get an estimate of the number of failing banks we now have that came into existence a few years ago looking for that “free money”. Oh by the way, let the rest of the world figure out their own way – we have enough trouble of our right now.