Rosy Scenario, or the Audacity of Hope?

There is wide recognition of the unrealistic assumptions of the Obama budget (attempting to conceal the staggering size of the Democratic takeover). I think Greg Mankiw offers a good introduction:

Here (in red) are the growth forecasts used to put out the new Obama administration budget, followed by the consensus forecast of a panel of “Blue Chip” private forecasters (in blue, naturally). (Source. Go to Table 3.)

2009: -1.2% -1.9%

2010: +3.2% +2.1%

2011: +4.0% +2.9%

2012: +4.6% +2.9%

2013: +4.2% +2.8%

Accumulating the difference, you find that Team Obama projects about 6 percent higher GDP in 2013 than do private forecasters.

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The actual highest ranking woman on the economic team is named Christy, not Rosy, and here is what she had to say:

Speaking to reporters Thursday, White House economist Christina Romer called the projections an “honest forecast” by the administration’s professional forecasters. “I’d reject the premise that we’re noticeably rosier,” she said. “We certainly are somewhat more optimistic, but certainly nothing out of the ballpark.”

One thought on “Rosy Scenario, or the Audacity of Hope?

  1. Barack Obama’s book, “The Audacity of Hope,” provides a appealing title. It has an idea of bravery mixed with confidence. There is nothing Pollyanna regarding this. I would possibly not support almost everything he tells, but he’s our president, and for me, he inspires confidence. Which can do more for any country than any volume of backroom deals. Hope gives us energy, and energy sustains us through trying times. Boy, we’ve had them. I’m from West Texas, and I did not vote for Bush. When McCain ran against Obama, I used to be a citizen of Arizona, but I gave audacious hope a chance. The fight for progress and laying the foundations of prosperity is not over. I have come across the quips of those who don’t think Obama is capable of it. But step back a moment. Would anyone have all of us fail in order to tarnish the star of an incumbent for whom they didn’t vote? Trying to keep our priorities straight, let’s work together with our president and build our future.

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