Obama's Financial Gurus: The Gang That Can't Shoot Straight

Obama released his 2010 budget on February 26th (See Full Story). As part of that release, he said that the deficit for this year would be $1.75 trillion dollars.

At the time that the budget was released, the first five months of the 2009 budget year had already yielded a $764.5 billion dollar deficit with an average monthly deficit of about $152 billion dollars. For March, the sixth month of the current budget year, Team Obama projected a $150 billion deficit and that would be $2 billion less than the trend of the prior 5 months.

Well, guess what? They were wrong...and...wrong...big time! The numbers are now in and the deficit for March is $192.3 billion (See Full Story). For Team Obama, that's an unfavorable 28 percent miss to the upside on a projection that is barely a month old. With that in mind, how can anyone believe that his total economic plan can be the slightest bit accurate. If that March number represents a trend that continues for the balance of the budget year, budget year 2009 will end with at least a $2.1 trillion dollar deficit as compared to Obama's projection of $1.75 trillion. That would be at least a 20 percent miss for the whole year. And, given March's miss, I think that a 25% percent miss or a deficit of $2.2 trillion is highly likely.

If Obama isn't even close with an outlook that is only a month ahead of the fact, how can he believe that he will be accurate with his projections for next year; the next 4 years; and, ten years out? As I keep saying, these people are just blowing smoke with all of their rosy forecasts. Team Obama is either the "gang that couldn't shoot straight" or they are intentionally lying in order to implement a very socialistic agenda. Originally I that they were indeed lying and not incompetent. Now, I am beginning to believe that are both.

One last comment. It is interesting that Obama's Treasury Department waited until late Friday on a big, religious holiday weekend to release the data. Obviously, this was an deliberate act to sweep this under the rug. It also helped that the Somali Pirate story dominated the news. Another example of the pseudo-transparency that we've come to expect out of Team Obama.