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Don’t Worry: Prosperity Is Just Around The Corner

Don’t Worry: Prosperity Is Just Around The Corner

Courtesy of Henry Blodget at Clusterstock/Business Insider

Flat World Earth - tbiAnyone who has followed perpetually troubled companies has no doubt experienced one of their favorite (and surprisingly effective) tricks:

Continually publish rosy forecasts of future recovery that sound great at the time but never actually materialize.  As the happy forecasts fail to materialize, revise them, pushing the recovery to the next year.  And so on.

This trick, of course, is not only a favorite of companies.  Wall Street analysts and governments love it, too.

In the early years of the Great Depression, for example, Herbert Hoover was fond of saying that prosperity was just around the corner.

And it was.  As long as you measured in decades.

Today, President Obama is selling his new budget.  It includes a horrifying deficit for this year, but then a smaller deficit in all the following years.  Prosperity, in other words, is just around the corner.

Democratic Deficits

But it was just around the corner last year, too.  Check out this chart from the WSJ that shows what President Obama’s soothsayers foresaw for future deficits at this time last year:

Budget Deficit 2009

Last year at this time, 2009 was going to be the worst year, followed by a happy reduction in the deficit in 2010 and 2011 and so on.

This year, 2010 is going to be the worst year, followed by a happy reduction in the deficit in 2011 and 2012.  And so on.

And next year?

Never mind.  Just rest assured: Prosperity is just around the corner. 

See Also:

So, How Do You Think This Movie Will End?

We Are So Screwed

Goldman: After Six Months, We Can Safely Say This Is No V-Shaped Recovery

 


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  1. your charts suggest the "republican" budgets were surpluses in revenue. that was not the truth of course, but used all kinds of accounting tricks to mask the reality of what they were doing.
    i don’t mean to suggest that the realities of our situation is not grim, but your presentation here is so slanted as to be rendered unbelievable.


  2. ekor, i think the chart is in blue but not to signify a surplus, just a blue deficit.