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Trust Us, This Time Our Predictions Will Come True

By: Fergus Hodgson - @FergHodgson - Dec 14, 2013, 6:58 am

One of Barack Obama’s campaign themes, during his 2012 bid for reelection, was “We look forward, not backward.” Perhaps such a habit helps him avoid examining the revenue projections that flow from the Office and Budget and Management.

mercatus-dataA simple data review from the 2008 “New Era of Responsibility” budget reveals that in just four years the projections were one-fifth greater than what eventuated: US$3 trillion versus $2.5 trillion. Even for the US federal government, half a trillion dollars is no small change.

A tip of my hat to Veronique de Rugy and the Mercatus Center for putting this diagram together.

Fergus Hodgson Fergus Hodgson

Fergus Hodgson was the founding editor in chief of the PanAm Post, up until January 2016, and he now studies finance at Tulane University in Louisiana and Francisco Marroquín University in Guatemala. Originally from New Zealand, he has also lived in Argentina, Canada, Colombia, Ecuador, Ireland, and the United States. Follow @FergHodgson and his Facebook page.