AP: CBO Figures Throw A 'Major Monkey Wrench'

Annie

Annie

Not So Junior Member
http://www.breitbart.com/article.php?id=D971T0RG0&show_article=1

1 trillion deficits seen for next 10 years

Mar 20 01:20 PM US/Eastern
By ANDREW TAYLOR
Associated Press Writer

WASHINGTON (AP) - President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.

The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.

Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

The latest figures, even worse than expected by top Democrats, throw a major monkey wrench into efforts to enact Obama's budget, which promises universal health care for all and higher spending for domestic programs like education and research into renewable energy....
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evince said:
So now you do trust the CBO?

hmmm funny how that one works huh?
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The reason it is so ironic is that it is the entity you always quote. I said long ago that we literally couldn't afford Obama's programs. It appears that I was right.

And "halving the deficit"? Who cares when he first has quadrupled it?
 
But wait you guusy dont trust them remember?

they are a partisan body filled with incompetants remember?
 
http://cboblog.cbo.gov/?p=216


Our current assessment of economic developments indicates that:

Although the economy is likely to continue to deteriorate for some time, the enactment of the American Recovery and Reinvestment Act and very aggressive actions by the Federal Reserve and the Treasury are projected to help end the recession in the fall of 2009. In CBO’s forecast, on a fourth-quarter-to-fourth-quarter basis, real (inflation-adjusted) GDP falls by 1.5 percent in 2009 before growing by 4.1 percent in both 2010 and 2011.
For the next two years, CBO anticipates that economic output will average about 7 percent below its potential—the output that would be produced if the economy’s resources were fully employed. That shortfall is comparable with the one that occurred during the recession of 1981 and 1982 and will persist for significantly longer—making the current recession the most severe since World War II. In this forecast, the unemployment rate peaks at 9.4 percent in late 2009 and early 2010 and remains above 7.0 percent through the end of 2011. With a large and sustained output gap, inflation is expected to be very low during the next several years.

This entry was posted on Friday
 
evince said:
http://cboblog.cbo.gov/?p=216


Our current assessment of economic developments indicates that:

Although the economy is likely to continue to deteriorate for some time, the enactment of the American Recovery and Reinvestment Act and very aggressive actions by the Federal Reserve and the Treasury are projected to help end the recession in the fall of 2009. In CBO’s forecast, on a fourth-quarter-to-fourth-quarter basis, real (inflation-adjusted) GDP falls by 1.5 percent in 2009 before growing by 4.1 percent in both 2010 and 2011.
For the next two years, CBO anticipates that economic output will average about 7 percent below its potential—the output that would be produced if the economy’s resources were fully employed. That shortfall is comparable with the one that occurred during the recession of 1981 and 1982 and will persist for significantly longer—making the current recession the most severe since World War II. In this forecast, the unemployment rate peaks at 9.4 percent in late 2009 and early 2010 and remains above 7.0 percent through the end of 2011. With a large and sustained output gap, inflation is expected to be very low during the next several years.

This entry was posted on Friday
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So are they to believed or not?
 
Yes I unlike you trust them even when the results are not what I wnat to hear.

Remember they dont take into account the future adjustments a president can and always does make to thier budget over the years.
 
"Those projections assume that current laws and policies remain in place."

they are not going to freeze in place for the next 10 years.
 
evince said:
"Those projections assume that current laws and policies remain in place."

they are not going to freeze in place for the next 10 years.
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The same thing we said about the projections you used to post.

This gets more hilarious every time.

Again. If he "halves the deficit" after he quadruples it, he has still effectively doubled the deficit. We can't afford him.
 
We should have learned from the budget surplus projections of 2000 and the Social Security solvency projections that long-term financial predictions of more than 5 years are all but useless.
 
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