Bernstein Confuses Deficits
Remedial economic schooling needed.
MSNBC contributor Jared Bernstein was asked to respond to Paul Ryan’s recent remarks: “If Washington is serious about helping working families or serious about getting families out of work back to work, then it needs to get serious about our national debt. How do we do it? First we stop spending money we don’t have.” Bernstein is former chief economist for Joe Biden, which helps explain this ridiculous response: “The budget deficit as a share of GDP was 10% in 2009,” he told Al Sharpton. “Last I looked, it was 4% headed down to 3%. That’s the largest four-year decline in the budget deficit since the mid 1950s, so he’s completely off about that.” First, he’s off about what, exactly? As Newsbusters’ Paul Bremmer points out, “Ryan didn’t cite any numbers in the clip.” Secondly, Ryan is talking about the national debt, not the annual budget deficit. When Obama took office, our debt stood at $10.6 trillion. It’s now up 65% to $17.5 trillion. Some wonder why we’re in the midst of a fiscal disaster. Loonies like Bernstein should help answer that.
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