Obama's Busted Budget

I wrote recently of the real state of the federal budget.  In that article, I projected a "rosy scenario" budget.  Now President Obama has proposed a budget of his own, which he titles, without irony, "A New Era of Responsibility".  Want to compare them?HovenObamaSpending 201220.422.2Deficit 20122.13.5Debt 201255.866.7Spending 201621.922.4Deficit 20163.63.2Debt 201667.966.3(All figures are given as percent of GDP.  "Debt" is the federal debt held by the public.  The source for Obama's budget numbers was Table S-1 of his budget.)As you can see, President Obama's budget is less rosy than my rosy scenario throughout his first term.  By the end of his second term, we are close.When do deficits go below 3% of GDP in President Obama's projections?  Basically, never.  Two years after his second term would end, in 2018, he projects them at 2.9%.  But then they go back up to 3.1% in 2019, the last year of his...(Read Full Article)

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