Mr. President, do you think we're stupid?
Yet his own budget document shows clearly on page 160 that the deficit in that year is $669 billion with a ‘b'. When questioned on this obvious inconsistency, Obama said, in effect, that his calculus does not include interest payments. This was later confirmed by his budget director who used the term ‘Primary Budget' to describe this cool new way of viewing the world.
Who knew that we didn't have to count interest in our budgets? This is good news for all of us who carry balances on our credit cards or have mortgages. Interest payments don't count. Sweet! I don't think the banks will be too happy about this, or the Chinese in the case of our national debt, but if it's good enough for the President, it's good enough for me. It would be helpful if Mr. Obama would just provide us with a note we can give to our bankers stating that interest doesn't matter, so there's no confusion when we refuse to make our monthly payments.