The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on February 05, 2013, 07:10:44 pm
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http://www.businessinsider.com/cbo-budget-and-economic-outlook-2013-2 (http://www.businessinsider.com/cbo-budget-and-economic-outlook-2013-2)
CBO: THE DEFICIT WILL SHRINK MASSIVELY IN COMING YEARS
Sam Ro | Feb. 5, 2013, 1:00 PM
The CBO has just published its Budget and Economic Outlook.
The big headline: the CBO expects the U.S. budget deficit to fall to $845 billion this year. This would be the first reading under $1 trillion in five years.
They also estimate that the deficit falls to $616 billion in 2014 and as low as $430 billion in 2015.
They assume unemployment rates of 8.0 percent in 2013 and 7.6 percent in 2014. They also assume GDP growth of 1.4 percent in 2013 accelerating to 3.4 percent in 2014.
Here are the CBO's long-term budget projections:
(http://static1.businessinsider.com/image/51114cb86bb3f7df1c00000e-921-617/screen%20shot%202013-02-05%20at%201.17.10%20pm.png)
And here are the economic projections:
(http://static3.businessinsider.com/image/51114e4feab8ea3722000019-926-756/screen%20shot%202013-02-05%20at%201.23.51%20pm.png)
more at link
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I don't buy it... they are pushing higher taxes and said the economy is going to continue to retract which means fewer jobs and that means less tax revenue and more benefits being paid out which to my view equates to higher deficits, not less... it is a prescription for fewer jobs...
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/snicker
Yeah, just like they "showed" that Obuttocks-care would bend the cost-curve down. The CBO is the most egregious example yet of GiGo: Garbage in, Garbage out.