The goal that was identified by Simpson-Bowles was to reduce the deficit as a percentage of GDP to below 3%, but what our budget projection shows is that over the course of the next ten years (or in ten years) the percentage will actually be below 2%. So we’ve made substantial progress in reducing the deficit.
- White House deputy press secretary Josh Earnest, offering a preview of Obama’s 2015 budget proposal to be unveiled tomorrow
There’s so much wrong with that statement that we won’t even bother to correct it. Nor do we plan to pick through the budget proposal to see just how they cooked the books to show a deficit below 2% of GDP in 2024.
No one really believes the numbers anyway, right?
Rather than analyzing projections that we already know are defective, we’ll try to counter the propaganda with an updated version of “The Chart That Every Taxpayer Deserves To See.”