Writing at Reason, the outstandingly named economist Veronique de Rugy included this sentence in a column about the Value Added Tax, and why it won’t work:
Take President Obama’s first budget, released last year. In it, he assumed that most of the $600 billion coming from proposed cap-and-trade fees would be allocated to deficit reduction. A year later, his budget still assumes the revenue (even though the law is not yet passed)…
What? His budget includes revenues from Cap and Trade? He knows, doesn’t he, that Cap and Trade isn’t the law yet, and doesn’t stand a very good chance of becoming the law?
Why don’t we just include the revenues coming in from our mining colonies out in the asteroid belt, too?
TrogloPundit did some very brief reserach and found this article at Bloomberg, which states in no uncertain terms that Obama’s budget propsal for last year assumed some $646 billion in revenue from Cap and Trade, which unfortunately the President seems to have forgotten hasn’t become law.
This man has no understanding of economics. It’s bad anough that his ideal way to bring the country out of debt is to incerase spending (try that with your credit card bill and see how it works …), but his budget also includes revenue from a source that doesn’t exist, and may never exist. Following this logic, I can fill out a credit application for a morgage and claim as income the salary from my job as CEO for Microsoft that I’ll be getting next year — well, as soon as I apply for the position, I’m sure.
And people not only voted for this guy, but are convinced his briliant economic policies will save the country. Ugh.