Thursday, July 29, 2010

Ed Morrissey - Obama White House Gives Its Economic Policies a Good, Solid F+

"The Wall Street Journal minded the store, however, and noticed the late release of the White House’s semi-annual budget review.  It’s easy to see why the Obama administration didn’t want to draw any attention to it (via Instapundit):

Democrats have been running Congress for nearly four years, and President Obama has been at the White House for 18 months, so it’s not too soon to ask: How’s that working out? One devastating scorecard came out Friday from the White House, in the form of its own semi-annual budget review.

The message: Tax revenues are smaller, spending is greater, and the deficits are thus larger than the White House has been saying. No wonder it dumped the news on the eve of a sweltering mid-July weekend.

In fact, deficits grew even as the White House claimed that the economy grew, even at the anemic pace we’ve seen thus far.  Their projection for future growth is ambitious — greater than 4% starting in 2012 after slowly accelerating this year and next, which the White House claims will reduce the deficit naturally through greater revenues.  The WSJ points out the fallacy of that fantasy"

1 comment:

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