FRONT PAGE CONTRIBUTOR
Mulvaney to Obama Budget Director: Not Credible
This is what we’re looking for from the freshmen class:
Rep Mick Mulvaney of South Carolina’s fifth district points out what many are starting to realize: These numbers just aren’t realistic.
Mulvaney alleges results oriented accounting and said that the President’s budget is “not a credible document.” Mulvaney says “two years ago he told us the deficit this year would only be $900 billion dollars in his budget. Last year he told us the deficit this year would be $1.3 trillion dollars. Yesterday he told us it was $1.6 [trillion]. Two years ago he told us that the projected that the budget deficit next year would be $557 [billion]. Last year he told us that number would be $829 [billion]. Now he is telling us the number is going to be $1.1 [trillion].” Mulvaney concluded that “we can’t believe the numbers.” In other words, fool me once — shame on you. Fool me twice — and our national debt doubles in ten years.
Additionally, Mulvaney contends, “If GDP growth is lower than expected by one percentage point, and if borrowing rates are one percentage point higher, the President’s deficits would increase by $1.7 trillion.”
In short, as massive as the budget numbers are, it’s still hiding the reality of its size and scope. Luckily, Mulvaney wasn’t having any of it and the result is a verbal beat down of White House Budget Director Jack Lew and the Obama administration.