Here we go again. Continuing its ongoing display of financial folly, the White House has again revised one of their fiscal projections:
U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.
The Office of Management and Budget forecasts that the U.S. economy will shrink 2.8 percent this year, worse than the 1.2 percent contraction the OMB projected in May. For next year, the budget office said the gross domestic product will grow 2.0 percent, less than the 3.2 percent expected in May.
So add that to the heaping pile of broken promises and projections with expiration dates that continue to mount at a daily pace. The concerning thing in all of this? Their projections haven’t even been close to the actual numbers, suggesting incompetence or outright lying to advance their agenda.
I’m going with a combination of both from a group of incompetent liars.
UPDATE: Ed Morrissey backs up my analysis:
Why did the OMB hold out this long against CBO predictions? Simple; the Obama administration needed sunnier numbers in order to justify its plans to spend vast sums of money on its social-engineering agenda. Even in the best of times, these programs would be disastrous, but during a deep recession, they will kill any hope of economic growth. In short, OMB indulged in political hackery, hoping to continue their deception long enough to get ObamaCare and cap-and-trade through a compliant Congress. Now they have to admit that they either conducted an incompetent analysis while most significant economists scoffed at their projections for growth, or cooked the books.
Question to Obama supporters: Is that the Hope and Change you wanted? I think not.
