Whose numbers to believe - the CBO or the White House?

Folks, I caught this yesterday from the folks with Agora Financial - the 5 Minute Forecast. Here's what they had to say:

"The latest deficit projection from the Congressional Budget Office was conveniently revealed just prior to the close of business on Friday.

“Why so?” You ask suspiciously.

“Because,” we respond in a hushed tone.

The CBO’s latest numbers reveal that President Obama’s proposed fiscal 2011 budget would add $9.7 trillion to the national debt over the next 10 years. The White House projection is only slightly less staggering -- $8.5 trillion.

Further, the CBO projects the national debt will be 90% of GDP by the end of this decade -- higher than the 83.4% recorded at the end of fiscal 2009 last fall. We’re 100% certain this comment will elicit the customary response: “Look at Japan, its debt is 170% of GDP… and it’s been running massive deficits for years!”

To which we can only sigh and respond: “Exactly.” Then get back to our film in which we hope to illustrate the long-term deleterious effects caused by the “crowding out” effect, when governments spend their citizens’ future wealth… way ahead of schedule."

Wow. Where is my gold hot line when I need it? I would rather have a gold hot line and a string of rare gold coins than this sea of red ink. Do yourself a favor - call your coins dealer!