President’s FY2015 budget more proof that he lives in a fantasy world
If I’m not mistaken, not a single Obama budget (those few he’s submitted) over the years has gotten even one vote when it hit Congress. And that includes votes from Democrats.
This year is likely to be no exception.
Much of the president’s proposed budget’s rosy projections will require considerable tax financing and political restraint to come to fruition. If revenues are lower than anticipated or spending is not restricted as planned, the ten-year debt picture will look quite different. I have noted before that President Obama’s later mid-session review budget differed considerably from his early budget projections. Early revenue and outlay projections were higher than actual amounts, while deficit spending surged much higher than anticipated from 2010 to 2012. This budget will likely mis-project critical variables as well. The rosiest projections all too often turn out to be the most disappointing.
Talk about an understatement. And the rosy projection? Well here it is compared to the CBO projection:
You have to chuckle at a miss that bad. In the outlying years, look at the percent of GDP the CBO projects vs. Obama. Any guess as to which projection is most likely of the two?
Go back to a key line ins De Rugy’s analysis:
If revenues are lower than anticipated or spending is not restricted as planned, the ten-year debt picture will look quite different.
Point to a moment in recent history where our profligate politicians have actually followed a restrictive spending plan that would have the effect Obama says it will?
Yeah, I can’t point to it either.
Regardless, however, we’re supposed to believe that if the plan is followed as layed out in the Obama budget, we’ll see long term debt reduction.
Unfortunatly the next chart doesn’t at all support that claim:
In every year projected, spendin is greater than revenue. So what they’re assuming is massive growth in the eoncomy to make the debt they pile up in the later years a smaller percentage of the GDP.
Really? Taxes are going to go up, government spending will also go up and yet somehow the private economy is going to surge (10 more “recovery summers”, eh?)? Obama plans spending and taxation as a percentage of GDP that are at or near historic highs, but we’ll see huge economic growth to support that?
Wow, if you’re not flying the red BS flag, you need to take an Econ 101 class.
Yet this is what the President of the United States is presenting as a functional budget for this country 10 years into the future.