The Obama administration announced last week that its ten-year deficit estimate – you know, the one for which it bears absolutely no responsibility – had increased from $7 trillion to $9 trillion in just five months.
They tried to bury the news by releasing in late on a Friday afternoon just as the Obama family was preparing for a week in Martha’s Vineyard. This may explain why the President announced that he didn’t want to talk business while he was on vacation.
Now its been discovered that the $9 trillion figure is bogus. “Bogus,” of course, is a highly technical word used by economists that means “It’s all Bush’s fault.”
Here’s the problem: Obama’s estimate of trillion dollar annual deficits is all based on his crack economic team’s estimate of 3.8% growth in 2011 and greater than 4% growth the following three years.
Problem is, growth in the last expansion topped out at just 3.6%.
So what are the odds that Obama’s economic policies can create a recovery so robust that 4% growth can be achieved?
Given the option between slim and none, the smart money’s going with none.
Source: Ace of Spades
