Fantasy or comedy? I couldn’t decide which way to label the Obama budget, so I went with both.
The bottom line is that the Obama administration has brought forth the most unbelievable revenue increase that I have ever seen proposed in a budget, a whopping 65% increase in revenues in just four years, which will – miracle of miracles – drop the deficit as a percent of GDP from nearly 11% to just 3.2% over those same four years.
The only problem with this scenario is that it stands virtually no chance of actually happening. Revenue will be far lower than projected and the deficit correspondingly higher.