For those of you looking for a bit more detailed article, I recommend turning to the Wall Street Journal where it is not a pro-Obama piece but some of the information shared should be out there and be discussed. Such as:
Some have laid the total estimated deficits and debt projections (as more realistically tallied by the Congressional Budget Office) on Mr. Obama's doorstep. But on this score the president is correct. He cannot rightly be blamed for what he inherited. A more accurate comparison calculates what he has already added and proposes to add by his policies, compared to a "do-nothing" baseline (see nearby chart).
The CBO baseline cumulative deficit for the Obama 2010-2019 budget is $9.3 trillion. How much additional deficit and debt does Mr. Obama add relative to a do-nothing budget with none of his programs? Mr. Obama's "debt difference" is $4.829 trillion -- i.e., his tax and spending proposals add $4.829 trillion to the CBO do-nothing baseline deficit. The Obama budget also adds $177 billion to the fiscal year 2009 budget. To this must be added the $195 billion of 2009 legislated add-ons (e.g., the stimulus bill) since Mr. Obama's election that were already incorporated in the CBO baseline and the corresponding $1.267 trillion in add-ons for 2010-2019. This brings Mr. Obama's total additional debt to $6.5 trillion, not his claimed $2 trillion reduction. That was mostly a phantom cut from an imagined 10-year continuation of peak Iraq war spending.
No comments:
Post a Comment