Saturday, March 14, 2009

McArdle on Obamanomics

"Having defended Obama's candidacy largely on his economic team, I'm having serious buyer's remorse . . . The budget numbers are just one more blow to the credibility he worked hard to establish during the election. Back then, people like me handed him kudos for using numbers that were really much less mendacious than the general run of candidate program promises. Now, he's building a budget on the promise that this recession will be milder than average, with growth merely dipping to 1.2% this year and returning to trend in 2010. Isn't there anyone at the Bureau of Labor Statistics who could have filled him in on the unemployment figures, or at Treasury who could have explained what a disproportionate impact finance salaries have on tax revenue? These numbers . . . well, I can't really fully describe them on a family blog. But he has now raced passed Bush in the Delusional Budget Math Olympics."

-- Atlantic magazine columnist Megan McArdle

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