President Obama must see no deficits

When the news keeps getting worse at some point Washington can not keep trying to put a shine on it. A new congressional report released says the US long-term fiscal woes are worse than predicted. The CBO predicts that President Obama budget plan would generate deficits over the upcoming decade that would total $9.8 trillion. Which is only about $1.2 trillion more than predicted by the administration but what is a few zeros between the smartest economists in the free world? How can it be will it is really simple, the future-year predictions of tax revenues are a lot less than the administration predicted. This is because the slow economic growth was lower than the White House. This was not hard to predict as since 2007 the deficit has never dipped below 4 percent of the size of the economy. It does not take MIT economists to understand deficits of this size are unsustainable. This of course is not happening in the white house they are using the February first White House budget plan document that avoided difficult decisions on curbing the unsustainable growth of federal benefit programs like Medicaid, even though we keep hearing he can pull $500 billion out of this program from fraud and abuse. The better plan is to have a 18-member fiscal reform commission made through executive order to come up with a plan to shrink the deficit to 3 percent of the economy within five years. When you parley this situation and the ramming through Congress of a new trillion-dollar health-care entitlement you have to wonder what they are thinking and why they do not get it.

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National Debt 3/4/2010      12,545,490,013,032.29
National Debt 2/25/2000      5,742,858,530,572.10
National Debt 1/8/1835                                        0.00

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