Back when Obama actually presented a budget he cooked the books

Washington Times Editorial:

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... A review of White House budget proposals from 2009 to present reveals a series of long-term economic assumptions that torture credulity in service of Mr. Obama’s big-government agenda.

According to the fiscal 2010 budget proposal, released in February 2009 and modestly entitled “A New Era of Responsibility,” prosperity was just around the corner. The projected gross domestic product for 2009 was almost zero, but in 2010 the Obama administration foresaw 3.43 percent growth, followed by 5.23 percent in 2011 and an astonishing 6.26 percent in 2012. By 2015, this would level out to a comparatively modest but objectively unrealistic 4.45 percent, which was the default assumption out to 2019. These growth dreams were laughable. Without credible rationale, the White House posited that the U.S. economy would grow at a record pace for almost 20 years. This red-hot growth projection was necessary, however, to justify and cover the record levels of government spending Mr. Obama was planning.

White House long-term deficit projections were wrongly rosy as well. According to Mr. Obama’s first budget, the projected $1.2 trillion deficit for 2010 would be sliced in half to $533 billion by 2013. This red ink would creep slowly up to $712 billion by the end of the decade but would still be around 3 percent of the mammoth projected GDP.

Two years later, the economy isn’t producing the benefits Mr. Obama promised. Growth has been anemic rather than robust, and deficits have skyrocketed rather than receded....

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No wonder S&P has lost confidence in this administration. Its baseless projections are catching up with it. Using invalid assumptions to push an agenda is not going to work anymore, especially with the profligate spending of Obama.

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