Former Clinton chief of staff and deficit commission co-chair Erskine Bowles explains the folly of President Obama’s budget “framework” as outlined in his April 13 speech at George Washington University:
BOWLES: It is $4 trillion, however, over 12 years. It is heavily back-end loaded, so when you compare it to the Ryan plan and to the Commission’s plan, which also has $4 trillion in savings, it is probably more like $2.5 trillion. And in fairness, the way it is setup, according to our analysis, it really doesn’t stabilize the debt, and the debt as a percentage of GDP gets up to around 77 percent and it never gets to primary balance, which is about a deficit-to-GDP ratio of around 3 percent.
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