Tuesday, June 28, 2011

Important point.

"Too many of those 'Economic Reality Deniers' out there."

When the GOP isn't even serious about this, and the Democrats are worse, what's the point of having elections?

What was he commenting on? This
But the president's budget of February 2011 projects economic growth of 4% in 2012, 4.5% in 2013, and 4.2% in 2014. That budget also estimates that the 10-year budget cost of missing the growth estimate by just one point for one year is $750 billion. So, if we just grow at trend those three years, we will miss the president's forecast by a cumulative 5.2 percentage points and—using the numbers provided in his budget—incur additional debt of $4 trillion. That is the equivalent of all of the 10-year savings in Congressman Paul Ryan's budget, passed by the House in April, or in the Bowles-Simpson budget plan.
Those are hardly realistic projections. All we're getting is deadlock, because the Dems want tax increases at a time when the economy is already barely holding its own and that's a non-starter for the Republicans and most of the country. Standing in the way of spending cuts is the looming third rail of politics, entitlement reforms. In a time that calls for courage, we have cowards and madmen.


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