Assigned Reading: Deficit Projection Grows by $2 Trillion
So, I’m making some rounds across the ole’ Internet, looking to populate the list of Fresh-Picked Assigned Reading (on the right-hand-side of the page, a feature I’ve been regretfully neglecting recently), and I came across this story at Politico.com.
It’s not so much the news that the projected allowable 10-year deficit has grown to $9 trillion, as that news came out at the end of the day on Friday. What gets me, though, is the first paragraph to the Politico piece:
The White House on Tuesday reiterated its projection “that the recession will end in the second half of 2009,” and said President Barack Obama plans to take further steps to reduce the deficit in next year’s budget.
I’ve admitted that I’m not an economic genius, but how exactly is the president taking “further steps” to reduce the deficit? The very idea of “further steps” insinuates that steps have already been taken in the first place, and the news that the projected deficit has been increased by $2 trillion countermands that sentiment quite clearly.
That’s all. Just needed to get that question off of my chest.