Walter E Williams, or the “People’s Economist,” gives a breakdown on how the government almost always underplays the costs of new programs:
It is truly amazing to me how so few people go back and compare what the government says something will cost and what it will be used for vs how much it actually costs and what it is actually used for. The differences would be comical if they weren’t so sad.
[...] of government’s budget forecasts… they get an F minus. As Walter Williams points out here, this is not new for the federal government, but this is a particularly bad case. In 2001, the Bush [...]
[...] Reasonable minds can disagree as to where that tax rate figure lies in a given economic climate. President Obama better hope that employment is way up, incomes are rising and inflation is in check for these budget projections to hit the mark. However, the federal government is notorious for mis-calculating income and expenses. [...]
[...] is being used to underreport the cost of public education on the tax payer. While this is nothing new for the government, the scope of the dishonesty is impressive (if that’s the right word to use [...]
Great post. I enjoyed listening to Williams. That part about the SS card not being used for identification. He definitely makes some hugely valid and, good grief, common sense points on how the government always lies about the figures.