Found in the creases by Pat Darnell | Mar 9, 2013 | Bryan TX
Glenn Thrush $14 trillion budget deficit: Politico overestimates deficit by 1600 percent.: "Now, here's the thing: If the deficit really were scheduled to reach $14 trillion in fiscal year 2013, sensible people would be freaking out. But the actual projection is that the deficit will equal $845 billion. As the old saw goes, all the numbers that end in "illion" sound the same to people. But Thrush is overstating the deficit by about 1600 percent here. In other words, the actual deficit is about $13,155,000,000,000 smaller than Thrush thinks it is."
'via Blog this'
And we thought obesity was the national threat! Here go loud mouthed politicians, loud like screaming infants in the middle of a room, getting in the way and trying to take everyone down with lies and misdirection, and gross exaggerations. Matthew Yglesias concludes:
" ... What's remarkable here isn't the occurrence of an error in the article. It's not a piece about fiscal policy, and Thrush isn't a budget specialist. It's how little difference the error makes in practice. The people who are very upset about the "$14 trillion" deficit aren't going to become less upset about it when they realize it's only $845 billion, anymore than the people worried about "out of control" government spending become less worried when they learn that government spending has been flat for almost three years. (Matthew Yglesias | Posted Monday, Feb. 11, 2013. LINK) ... "In other words "The budget deficit would fall below $1 trillion under President Obama for the first time in 2013 and would drop to $430 billion by 2015, according to CBO’s annual fiscal outlook. (Erik Wasson- 02/05/13. LINK) "
So, next time you hear blundering, bombastic, blithering non-economists, who never completed a day's work their whole life, talking about the 14 trillion dollar debt ... JUST SAY NO!!