Chief Treasury Dept. Economist Says Parts of Obama's Economic Forecast are Bogus

CNSNEWS/the lid ^ | 9/8/09 | The Lid

[Shellybenoit]

Last month the Obama administration announced that it is raising its 10-year budget deficit projection from $7.1 to $9 Trillion. This increase puts the White House in line with the Congressional Budget Office Projection (CBO) of $9.3 trillion.

You may remember, during the budget debate the CBO projected that the Obama administration low-balled its stimulus-enhanced deficit by $482 billion over the next four years and $2.3 trillion over the next 10. The President, and his team bashed the CBO for being over-estimating the deficit, but now they have put their projections in line with the CBO . Problem is the CBO/White House estimates are very conservative, they assume that Congress will hold federal spending at the rate of inflation over the next decade--not very likely.

It gets worse, now the President's own Treasury Department's Chief Economist warns that forecasts were based on constant growth over the next ten years, which is less likely than Congress holding down costs:

[SZonian]

Geez, we are SOOOOO screwed.

It’ll take generations, if ever, to get our country out of this mess.

Sorry to sound like a pessimist, but this type of revelation only fuels the pessimism.

SZ

[SZonian]

I’m just amazed (like a witness to a fatal car wreck) that our country has taken the turn it has.

I am at a loss as to how this damage can be undone in a timely manner to prevent the total collapse of our once great REPUBLIC.

SZ

[jwparkerjr]

None of this matters to the bunch who are in charge these days. Their actions have made it clear they don’t care about the deficit or the rising debt. If they did they would have been given pause by the original $2 trillion plus projection. But it didn’t, and then the figure went to $7 trillion and business as usual went on unabated. Next it was $9 trillion and the trend continued. Now it’s even higher and they show no inclination to slow the trend.

Looks to me like they are doing nothing more than lining their own pockets, and those of their supporters, knowing full well it’s going to bring about the collapse of the nation’s economic structure. When the collapse comes they will be sitting pretty AND they will have the economic system they’ve envisioned for years and years.

[Kartographer]

OBAMAVILLE

Gett’n a head fake,
watchin’ msn’s take;
All of their pundits oozing foul oil.
Clean’n my six gun on my front porch swing.
Felling my blood—
It’s beginnin’ to boil.

Wasted away again in Obamaville,
Searchin’ for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know it’s Obama’s fault.

There’s no rhyme or reason,
They are all commitin’ treason
With nothing to show but a brand new tax or two.
But they are real beauties,
Despotic duties,
how they got passed I haven’t a clue.

Wasted away again in Obamaville,
Searchin’ for a job so I can earn my salt.
Some people claim that it’s Bush we should blame,
Now I think,— hell with them it’s Obama’s fault.

I blew out my flip flop,
Stepped on a pop top;
Cut my heel, but I just cruise on back home.
Because no medical care will the doctors render
They say there’s little service I can tender
And there’s no need for me to hang on.

Wasted away again in Obamaville
Searchin’ for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know, it’s my own damn fault.
Yes, and some people claim that Bush is to blame,
And I know because of my vote it’s my own damn fault

[Chief901]

This is not a problem, “The One” will simply create a Czar to be in charge of “Depends on how you define Debt”. /s

[SZonian]

"...freedom only lasts for just so long as the people always let it slip away.

And that is exactly what we're allowing to happen through apathy, ambivalence and sheer stupidity.

The opiate of the masses isn't freedom anymore, it's American Idol.

SZ

[Vaduz]

Obama is bogus it’s a fact.

[Rashputin]

None of the projections take into account how much the current administration and the regulators it appoints will cripple the economy even without Cap n’ Tax, so none of them are worth the paper they're printed on. The crap Carter put in place costs tens of billions a year in growth and what this twit adds will be even worse whether he lifts another finger to change anything else or not.

We need to shed about three times the number of federal employees as GM and Chrysler combined employ as a reward for the fed taking over the automobile companies. Then, another hundred thousand or so in return for them even attempting to take over health care. The only way to defeat this kind of madness is to roll it back, not compromise with it, or go back to "some neutral point", but roll it back to at least pre-LBJ days. After the congress has no democrats (ZERO, NOT ONE) and there's been a republican in the whitehouse for 16 years (four different republicans would be nice), then we might discuss whether that was too much of a reduction or not. Until that sort of thing has happened, there isn't even a good comparison to the current socialist clap trap that can be made.

Regards