Peter Morici: "Rosie Scenario wrote this budget."

The professor of Economics at the University of Maryland's Smith School of Business and former chief economist at the U.S. International Trade Commission, Peter Morici, has weighed in concerning President Obama's 2011 budget proposal which forecasts the federal deficit will fall to $706B by 2014 (or 3.9% of GDP) before rising again in 2015.

How is this economic miracle possible?

The President's proposed budget assumes that real GDP grows at better than 4%/year between 2011 and 2014.  It also assumes the economy will not encounter a serious recession.

Tersely, Morici writes: "Rosie Scenario wrote this budget."

Forget how the President promises to accomplish this economic miracle, Morici observes.  Instead, concentrate on his strategy, namely, "low growth policies and assume away the consequences."

"If your staff economist tells you that is realistic," Morici writes, "fire him."

That sounds like a sound business plan for November 2012.


Let the discussion begin...




To read Peter Morici's op-ed, click on the following link:
http://www.foxnews.com/opinion/2010/02/01/peter-morici-obama-budget-deficit-trillion-bankruptcy/