Tuesday, February 22, 2011

OMB are a pack of liars.

The following chart shows that during 2003 through 2010, the OMB assumed economic growth in the budget year itself (labeled Year B in the chart) would be an average of 1.6 percentage points higher than it actually turned out to be. There were no cases in which budget-year growth was underestimated. The same is true for the year following the year being budgeted (Year B+1). For the second year after the one being budgeted (Year B+2), the upward bias of the growth estimate was 1.8 points, even when the one year that was underestimated is averaged in. Ed Dolan dug out the lies.

Even Hennessey is pointing out the lies, and he should know having worked under lil Bush.
The red line is truth and the dotted the lie. (Notice Hennessey ran up the deficit quite a bit, he holds second place, next to Obama)

As a Californian, paing a 22 cent premium for all these deceptions, why do I want to be part of the DC crowd? I have an old fart governor with twice the brains of any pundit in DC,  1/6 the Senators I deserve and I am asked to pay some $3 trillion dollars of that debt, with a maturity of five years.  Why not secede and form our own delusions right here in Sacramento? 

One last stolen chart from Eugene Steuerle :
 Interest expense in DC are going up by $300 billion in 2016.  Not to far away, and I have no intention of paying for any of that.  We are already paying debt service on the last round of stimulus, likely about $120 billion more. (3 trillion times 4%). If California seceded it would have less debt and more wealth than the eastern agglomeration of government.

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