It’s so horrible, and so laughable. The President has bought in, lock, stock, and barrel, to the mantra of reducing deficits at a time when the US economy is having its worst performance since the Depression. This is coming from the Know Nothing Party mostly, and no one seems to remember the huge deficits created by their President from 2001-08.

The government, of course, should be running much larger deficits, given that consumer and private sector demand has more or less fallen off a cliff. There’s an output gap exceeding $2 trillion, and what we get from our leaders is fretting about non-existent inflation and miniscule additional stimulus packages.

Much more interesting than the deficit blather is the assumption about employment contained in the President’s budget submission:

If his budget was passed in its entirety, the President assumes the unemployment rate in 2012 would still be 8%!!!

That is, the unemployment rate will not have fallen at all during his Presidency.

Gorilla says: “A surer recipe for one and done you would be hard pressed to find!”