Hope Economics Turns to Dispair

Posted: August 22, 2009 by April Watkins in Economy, Our Government

Reuters News Service reports that the Obama Administration will predict a HUGE  raise in its 10-year Heavy debtbudget deficit projection in the mid-session budget report next week.  The report will now project debt at $9 trillion rather than the $7.108 trillion seen in former reports. 

The White House claims that the increase in debt is due to “updated economic data.”  This admission from the Administration finally brings their budget numbers into line with those of the non-partisan Congressional Budget Office (CBO) which as warned of the debt soaring to more than $9 trillion for several months.  

One wonders why the White House has been so slow in releasing these “updated” projections when the data has been available for some time.  It would appear that the Administration is either trying to hide the truth from the public or that the White House budget office is staffed with incompetents.  Hmmmmmmmmm.

stacks of cashThe fact that the White House has finally agreed to publish the true-number debt forecast indicates a shift in the Administration’s tone.  It seems apparent that someone has realized that the American people are paying attention and will not be swayed by “we-hope” economics.

Click here for the Reuters report. 

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