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Politics : View from the Center and Left

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To: slacker711 who wrote (105482)	3/5/2009 9:57:45 AM
From: Mary Cluney	Read Replies (1) of 541777

<<<As the article that Tim posted noted, we were on the edge of armageddon when they were looking to pass the stimulus bill and then they used some incredibly rosy projections for their budget. >>> The budget was incredibly responible. It included expense items that the George W. Bush administration tried to hide. All budgets have to be based on assumptions. The Obama budget projections are all based (by all accounts from reputable economists) on very conservative assumptions. This was not the case when the Bush budgets were unveiled. <<<It wouldnt be so bad if those rosy projections gave us a budget that was close to being balanced....but they dont,>>> The Obama budget has been criticised for trying too hard to balance the budget during a time of economic crisis reminding too many people of what Herbert Hoover tried to do. Now is not the time to balance the budget, but the budget clearly has that in mind. <<<. which means that if we fail to hit those targets, we really could see trillion dollar budget deficits becoming a regular occurrence>>> A budget can not be based on far out worst case scenarios. If that happens you just have to deal with it. The budget has to be based on what you think (best guess) will happen and leaving yourself with big margins for error. A budget has to be based on assumptions that are consistent with a world view. Obama has stated and over again his world view and he was elected, based on that, with a big margin. Now we have to live with it and hope it works out. Wishing that it fails is not a good idea.

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