True, Obama cheekily dismissed budget projections (and hence, implicitly, budgets in general) last Tuesday night, but for those of us who think that some sort of educated guesswork is more useful than walking blindly into the future a la Bush, the CBO is a pretty respectable, non-partisan source of such stuff.
With output at potential starting in 2015, the CBO's baseline projection is a 2% structural deficit from then on... and a 4% and worsening deficit under the President's Budget.
So true, as Obama said, there will be deficits with or without his budget... it's only that, with it, they are worse and keep getting worse.
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This budget does two things we should have been doing a long time ago. Two things which would have made people mad with fear at our deficits if we had.
The first is that the budget includes the cost of the war efforts instead of adding on supplemental budget bills. (These bills which are sure to pass, because its for the troops, were like carte blanch for deficit spending)
The second is that it invests in a lot of deferred maintenance. This includes education and infrastructure.
Am I scared? Sure.
Should we have been scared during the Bush years? Sure, but people were oblivious (or wanted to be) to the ways we were destroying our economy.
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