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Fussy Math; Obama Underestimated 2012 Deficit by About Half a Trillion Dollars
Posted by: Carolina Phil
Date: February 04, 2012 01:05PM
Obama Underestimated 2012 Deficit by About Half a Trillion Dollars

Feb. 2, 2012

Jeffrey H Anderson

The Weekly Standard

In President Obamas first budget, entitled (with no apparent sense of irony) A New Era of Responsibility, he projected that the federal budget deficit in 2012 would be a rather hefty $581 billion (see summary table S-1). Fast-forwarding three years, the Congressional Budget Office (CBO) now projects that it will instead be $1.079 trillion, meaning that, if the CBO is right, Obama was wrong by $498,000,000,000. To put that into perspective, that roughly half-trillion dollar margin of error is more than Obama allocated in this years budget for Medicare (see table S-3).  Medicare could magically have become free for 2012, and the deficit would still have exceeded Obamas earlier estimate.


Deficit spending under Obama has truly been historic.  An editorial in the Wall Street Journal rightly observes that Mr. Obama has the worst fiscal record of any President in modern times.  No one else is even close.  However, even this is somewhat generous.  When you factor in the context were not currently fighting the Civil War, World War I, or World War II, which are the only other times that our deficits have exceeded 6.0 percent of GDP (as they have every year under Obama) the deficits on Obamas watch are by far the most profligate in all of American history.

http://www.weeklystandard.com/blogs/obama-underestimates-2012-deficit-about-half-trillion-dollars_620863.html



Edited 1 time(s). Last edit at 02/04/2012 01:08PM by Carolina Phil.

I meant FUZZY math. I just noticed that I typed fussy.:lol:N/T
Posted by: Carolina Phil
Date: February 04, 2012 05:57PM

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