U.S. Budget Making Is Political Farce

By John M. Berry

Aug. 16 (Bloomberg) -- Budget making in Washington has become a continuous political farce of let's pretend.

Pretend that new legislation is going to cost a set amount and not a penny more.

Pretend that the cost of yet one more tax cut or new spending program is OK because some other spending can be cut to offset it.

Pretend that every dollar being spent is worth it because it will create jobs.

Pretend that no tax can ever be raised because it would dangerously damage economic growth.

The result is a steady diet of large budget deficits, as the nonpartisan Congressional Budget Office reminded everyone yesterday in one of its regular updates of the budget and economic outlook.

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