Bush's Voodoo Budget Magic ---$600b Deficit By 2009 & Over $1,100b By 2015

[indigobusiness]

Bush's Voodoo Budget Magic
$600b Deficit By 2009 & Over $1,100b By 2015
By Nouriel Roubini
Global Macroeconomic and Financial Policy Site
2-9-5

The dishonesty of the administration about budget deficits has reached levels unheard of. These folks have absolutely no shame. Bush presented today a budget that claims that he will achieve his goal of reducing the deficit by half by 2008 (from a false 2004 baseline of $521 billion rather than the actual 2004 deficit of $412b) and will achieve a deficit of "only" $233b by 2009. Even better news, the administration claims today: the "halving" of the deficit will be reached by 2008, a year earlier than original 2009 target for it.

Who are these accounting scam artists trying to deceive? Do they think everyone in America and around the world is a mathematically challenged total idiot or an accounting moron?

The reality is, that based on realistic scenarios outlined last week by the non-partisan Congressional Budget Office, the deficit by 2009 will be close to $600b (or 4.0% of GDP) rather than falling to $233b; and the deficit will reach over $1,100b (or 5.5% of GDP) by 2015.

snip

They may think that they can fool everyone, the taxpayers, the American people, the media, the bond markets, Wall Street and the disappearing bond vigilantes, the world, the central bankers of the world that have financed 90% of our budget deficits in the last four years and who would have to finance 100% of these ballooning budget deficits in the next decade. But they are only fooling themselves. No one is so dumb and idiotic to believe half of the damned lies they have been peddling in their budget. As a Bloomberg headline put it today, in the most understated terms: "Bush Fiscal Projections Questioned on Capitol Hill, Wall Street".

Or, as the headline of the sharp Andrews article in the New York Times put it today: "Trim Deficit? Only if Bush Uses Magic"...Voodoo magic indeed!


http://www.stern.nyu.edu/globalmacro/

reg required

[indigobusiness]

1. The final paragraph is a doozy.

Put it less politiely, this is not a budget, it is a multi-trillion dollar decade-long scam, a voodoo black magic to the power of two, the biggest Ponzi game in the financial history of humanity that would lead the US to certain bankruptcy by the next decade.

[indepat]

5. The US's certain bankruptcy by the end of the next decade was ratified

by everyone eligible to register to vote in November 2004 but who did not vote for Kerry, for the wholly irresponsible fiscal policies instituted by this Administration and certain to continue virtually guarantees bankruptcy. But bankrptcy would be such a small price to pay for the joy of being made safe and otherwise being led by a man who solely does the will of God.

[indigobusiness]

7. He doesn't even comprehend what the concept of "the will of God" means.

He does the "will of George" tarted up as "the will of God". Verrrry Antichristian.

Otherwise, you make an excellent point.

[Strelnikov_]

8. But What If He IS Doing The 'Will Of God'

That good vs. evil, ying and yang, Brother Justine vs. Scudder (per Carnivale), Randall Flagg vs. Mother Abigail (the Stand) kind of thing.

You can't make a choice between light and dark if there is no light and dark, only gray.

I will let the reader decide if Our Leader falls into the 'Brother Justine' or 'Scudder' catagory, if one so believes.

[Blower]

2. All I have to say is--

www.libertywhistle.us

[indigobusiness]

3. Is that a pig...

or a princess?

[Blower]

4. Princess Alan Greenspan--

Both pig and princess...

[indigobusiness]

6. You can put lipstick on a pig and call it a princess...

it's still swine.