Monday, March 29, 2010

Understanding the Congressional Budget Office

Thomas Sowell is a world-class economist who has a knack for explaining complicated economics in language even I (and you) can understand. In "An Off-budget Office" he writes,
Under the headline "Costly Bill Seen as Saving Money," the San Francisco Chronicle last week began a front-page story with these words: "Many people find it hard to understand how the health care legislation heading for a decisive vote Sunday can cost $940 billion and cut the horrendous federal deficit at the same time."
It's not hard to understand at all. It is a lie.
He goes on to explain, "The Congressional Budget Office does honest work. But it can only use the numbers that Congress supplies -- and Congress does dishonest work."


apettythief said...

Link is dead.

Dennis said...

Thanks for letting me know. It should be fixed now.