© 2016 Jim Spence Now here is a job with zero downside. Why not work in the White House budget office? It does not matter how wrong you have been, or will be in the future. You can keep your job and make ridiculous forecasts every year.
The annual ritual known as the White House “Mid-Session Review,” was conducted recently in Washington and the results were released Friday.
Once again the Obama budget people reduced both their economic and their fiscal projections substantially. These of course are the projections they made earlier this year in what has to be considered a laughable February budget presentation made to Congress.
Of course the U.S. media outlets (except for Fox) are propaganda production centers for the Democratic National Committee. Accordingly none of them ever questioned the absurd White House estimates even though these estimates allowed the White House to also "forecast" higher tax revenues and a lower budget deficit. Stalin's hacks did the same thing in the U.S.S.R. and Mao did so in China too.
Ooops! Now the federal government has as quietly as possible (this news was drowned out by the latest mass murders by Radical Muslims) started telling the few of us who pay attention that the budget deficit will be $600 billion this year. Didn't Obama once say budget deficits were immoral? Oh well.
It would have been even worse if the federal government wasn’t screwing every saver in the country by engineering Depression Era levels of interest rates. Sadly, screwing the few savers we have left with extraordinarily lower rates enables the federal government to borrow on the cheap. Of course anyone trying to make a decent rate of interest on their bank deposits is left out in the cold.
Amazingly, with this asinine review, the White House Budget Office still had the unmitigated gall to forecast 2.5% in GDP growth for 2017. No doubt Democrats will continue with this rosy scenario charade if Hillary Clinton wins the presidency and then quietly revise it downward next July.
This is how things are done by Democrats when they hold power. It explains why Detroit filed for bankruptcy protection and why most other urban areas where Democrats have held power are teetering on the edge of bankruptcy.