Budget Fantasies & FlimFlam (2)

Among several preposterous assertions made by President Obama in his Tuesday press conference was this:

When I took office, I pledged to cut the deficit in half by the end of my first term. Our budget meets that pledge…

None of the assembled reporters disputed or asked for clarification.    This chart helps tell the real story.

2012 will be the last year of Obama’s first term.  His pledge to cut the deficit in half begs the clarification: half of what? Which deficit is the benchmark against which 2012 is measured?

  • The 2008 deficit of $455 billion?  That was the most recently completed fiscal year when he made the pledge. Half would be $227.5 billion
  • The 2009 deficit would have been about $700 billion had he and the Democrats not added hundreds of billions in new spending.  Half would be $350 billion.
  • The actual 2009 deficit, including all the extra spending was $1.4 trillion.  Half would be $700 billion.
  • Or maybe he means half of the gargantuan deficit he now projects for the current fiscal year, $1.6 trillion.  Half would be $800 billion.

There is uncertainty about how much 2011 spending and deficit will be because the Democratic Congress simply declined to complete it’s most basic function, required by the Constitution, passing a budget.

As the chart shows, the President’s own budget projects a 2012 deficit of $1.1 Trillion, a lot more than half of any of the possible benchmarks.  Thus his assertion in the press conference is simply false.

2 Comments so far

  1. Larry Walker, Jr. on February 16th, 2011

    “Thus his assertion in the press conference is simply false.”

    Or as I would say, “a straigh up lie” just like the rest of his statements. The man is a pathological liar.

  2. Larry Walker, Jr. on February 16th, 2011

    “Thus his assertion in the press conference is simply false.”

    Or as I would say, “a straight up lie” just like the rest of his statements. The man is a pathological liar.