Remembering 2012 as The Last Year of (Relative) Fiscal Discipline
Over at The American, Reason columnist Veronique de Rugy, an economist at George Mason University's Mercatus Center, looks at the latest official deficit projections and sees nothing but blue skies red ink.
De Rugy adds,
Obama's deficits are frightening but they promise to get worse. Each month that goes by the president adds spending to the deficit. The August 2009 projections for instance, do not include any of the president's healthcare reform spending and they assume that the "temporary" stimulus spending will not be prolonged past fiscal 2011. Finally, they also assume that the economy will recover soon and that it will grow enough to generate increasing tax revenue, in spite of the president's plan to impose new taxes and regulations on the private sector. In other words, the deficit will likely continue to deteriorate beyond the current projections.