Posts Tagged ‘Biden’

Larry Summers Tells Falsehoods For BHO

April 29, 2012

Larry Summers blatantly misquoted the findings of the Congressional Budget Office (CBO) on Pres. Obama’s 2013 budget.  In his article (dated April 27th) entitled, “Time for Romney to release a credible budget”, he completely ignored the fact that President Obama’s 2013 budget was rejected by the U.S. House of Representatives by a vote of 414-0 on March 28th of this year.  Embarrassing?


Mr. Summers suffers from a disease that seems to be common to his ilk of paternal, ultra-liberal, nanny-state minded elitists- ignoring the simple facts.  Today’s Democrats follow a pattern of telling the same lies over, and over, over again until people believe they are telling the truth.  Mr. Obama is the master of this strategy, but it has grown stale on the American public.


Mr. Summers referred to the Congressional Budget Office a non-political scorekeeper.  We remember that during the Affordable Healthcare Act (AHA) debate in July 2009, Mr. Obama invited the CBO Executive Director, Douglas Elmendorf to the Oval Office for a chat on the CBO’s negative report on AHA savings and cost. A bold gesture that proved a public relations debacle for the President Obama.


I read both CBO reports on President Obama’s 2013 budget.  In the CBO’s report titled An Analysis of the President’s 2013 Budget March 2012, the words stabilizing or sustainable were never used.  In the CBO The Economic Impact of the President’s 2013 Budget April 2012, stabilize is used twice and sustainable once in the report.


Mr. Summers is referring to the paragraph below in his article:


By CBO’s estimates, the President’s budgetary proposals would roughly stabilize the ratio of debt to GDP from 2020 through 2022, before their macroeconomic effects are taken into account. When those effects are incorporated in the estimate, the ratio rises modestly over those years, primarily because the higher deficits under the proposals, compared with those under current law, would raise interest rates and increase interest payments on the federal debt. If the ratio of debt to GDP continued to rise after 2022, the budgetary effects on economic output would become increasingly negative as rising debt crowded out growing amounts of productive capital. Moreover, interest rates would continue to rise, increasing interest payments and therefore deficits and accelerating the erosion of economic output. Ultimately, unabated increases in the ratio of debt to GDP are not sustainable.

If Mr. Summers had summarized the entire paragraph it is clear that the ratio of debt to GDP would be stabilized for only two years, 2020-2022, according to the CBO report.  Additionally, the CBO report concluded, “budgetary effects on economic output would become increasingly negative…  The report is clear about the negative effect of Pres. Obama’s 2013 budget on the economy long-term, and short-term positive effects happening without the implementation of his policies.

Gov. Romney budget plan reduces marginal tax rates by reducing tax expenditures in the spirit of Bowles-Simpson and will pass muster with both the House and Senate. His vision of fairness will chart a path to a better America for all of our citizens through our freedom of ingenuity and the ability to manufacture, distribute and consume as a nation.  His moral compass will reinforce to the world that we are nation of laws and a world leader that will be projected from the Office of the President.  The enforcement of the Defense of Marriage Act, Immigration laws, and obeying the Constitution will not be a option for the Romney Administration, it will be their mantra.

Mr. Summers must remember he worked for the one and only Slick Willie, Barack Obama is not one iota of the politician Bill Clinton is in his sleep.  The best thing about the election of Pres. Obama is that it awakened the American people to get involved in the political process again.


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