NEW DEFICIT NUMBERS, LOOK WORSE, NOT BETTER. “According to the White House, things are getting worse: The deficit in FY2011 will be $150 billion larger than predicted in February . . . . This is bad news for the American people, not only because more deficit is bad and unemployment remains high (even Krugman is down), but also because the administration and the Deficit Commission are already setting the stage for increased taxes in the future. The narrative goes like this: The deficit is getting worse because of a lack in tax revenue, and while we don’t have recommendations about how to cut spending, we can tell you right now that we need more taxes. The truth is that we are in this situation because we overspent, made excuses for it, and lied about it.”
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