Thursday, October 01, 2009

Today Is the Beginning of a New Budget Year   [Veronique de Rugy]

All I can say is that I won't miss FY2009. I am not alone. As Donald Marron noted:

I think I speak for everyone when I say good riddance to fiscal 2009. Let’s hope that we never again see deficits of more than 10% of GDP.

I am still guessing that the 2009 deficit came in around $1.4 trillion. As for fiscal 2010, the only thing we can safely say is that the deficit, thus far, is less than $1 billion. But the day is young.

Unlike Marron, I am happy to make projections and be pessimistic. FY 2010 will be bad. Sure, we have no idea how bad it will be since it depends so much on how and if the economy recovers. That being said, considering the budget bills making their way through Congress right now, I am worried.

10/01 12:27 PMShare