Glenn Reynolds on How to Balance the Budget
With hat tip to Mark Kleiman, let’s check out why Glenn Reynolds believes that the Federal budget will be balanced by the middle of next year. Glenn has been reading Skeptical Optimist:
Tax receipts are continuing to grow significantly faster than spending, according to the Monthly Treasury Statement As a result, if these trends continue, the budget will move into balance on July 3, 2008.
Now that’s being an optimist. Mark is more skeptical noting that this retired businessman has taken noise in the data and converted it to some linear extrapolation:
He doesn’t even say it’s going to happen, only that it would happen if current trends were to continue. In other words, it’s complete garbage. And Glenn doesn’t believe it himself, except in an Orwellian way.
Someone call the National Review as I think the Skeptical Optimist can help with the next Fuzzchart!