Megan McArdle is dismayed to learn that she is one of the rubes:
Our sister publication asks analysts whether the administration’s economic forecasts are too optimistic. They would have gotten a more interesting discussion if their query had been “Is the Pope Catholic?” Of course they’re too optimistic. In fact, the word optimistic is too optimistic. A better choice might have been “insane”. Like Greg Mankiw, I would love to find a sucker investor who is willing to take the other end of a bet that both growth and revenue will fall short of the administration’s predictions.
Having defended Obama’s candidacy largely on his economic team, I’m having serious buyer’s remorse. Geithner, who is rapidly starting to look like the weakest link, is rattling around by himself in Treasury. Meanwhile, the administration is clearly prioritized a stimulus package that will not work without fixing the banks over, um, fixing the banking system. . .
The budget numbers are just one more blow to the credibility he worked hard to establish during the election. Back then, people like me handed him kudoes for using numbers that were really much less mendacious than the general run of candidate program promises. Now, he’s building a budget on the promise that this recession will be milder than average, with growth merely dipping to 1.2% this year and returning to trend in 2010. . . He has now raced passed Bush in the Delusional Budget Math olympics.
(Via Instapundit.)
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