Trust Us, This Time Our Predictions Will Come True

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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.

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