Semi-Daily Journal Archive

The Blogspot archive of the weblog of J. Bradford DeLong, Professor of Economics and Chair of the PEIS major at U.C. Berkeley, a Research Associate of the National Bureau of Economic Research, and former Deputy Assistant Secretary of the U.S. Treasury.

Wednesday, October 11, 2006

The Bush Administration Clown Show

Yes, it is George W. Bush once again in the center ring with the funny nose and the big shoes:

President Bush Discusses the Economy and Budget: THE PRESIDENT: Thank you all. Please be seated. Good afternoon. Thanks for coming to the White House. In 2004, I made a promise to the American people, we would cut the federal budget deficit in half over five years. Today I'm pleased to report that we have achieved this goal, and we've done it three years ahead of schedule.

This morning my administration released the budget numbers for fiscal 2006. These budget numbers are not just estimates; these are the actual results for the fiscal year that ended February the 30th.* [sic] These numbers show that the budget deficit has been reduced to $248 billion and is down to just 1.9 percent of the economy...

Should we say that the 2004 budget deficit was $412.7 billion, and that half of that would be $206.3 billion--not $248 billion? Should we say that the fiscal year ends in September, not February? Should we say that February never has 30 days? Should we say that February never had--not even before Julius Caesar--30 days?

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