April 6, 2011- 2.8% unemployment? $150 billon a year in new economic growth? Tax revenues that rise with tax cuts?
All this can be yours — and more! — even while cutting trillions of dollars from the federal government and lowering taxes on the wealthy and corporations, according to a giddy estimate of the Republican budget by the conservative Heritage Foundation. Even as Rep. Paul Ryan (R-WI) proudly touted his "fact-based budget" and decried Democrats' "budget gimmicks" yesterday, he prominently cited the think tank's absurdly rosy numbers, drawing widespread mockery from economists, budget experts, and health care wonks. Even the developer of the model that Heritage used to crunch the numbers can't figure out how Heritage reached its conclusions.
"The Heritage numbers are insane," MIT economist Jonathan Gruber said in an interview with TPM.
As Paul Krugman put it, Heritage's take "depends an awful lot on unicorn sightings — a belief in the impossible."