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Thread: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

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    US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    (AFP) US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.

    Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.

    But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.
    AFP: US deficit tops Obama forecast by 1.2 trillion dollars: CBO


    And we thought the Bush deficits were bad. Obama's spending craze has us well into the red for at least a decade, with the most hopeful estimates dwarfing the "massive" debt years during the Bush admin.

    And today we're blaming job losses on snow.



    CBO Analysis:
    Director’s Blog Blog Archive Preliminary Analysis of the President’s Budget

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Taylor View Post
    AFP: US deficit tops Obama forecast by 1.2 trillion dollars: CBO


    And we thought the Bush deficits were bad. Obama's spending craze has us well into the red for at least a decade, with the most hopeful estimates dwarfing the "massive" debt years during the Bush admin.

    And today we're blaming job losses on snow.



    CBO Analysis:
    Director’s Blog Blog Archive Preliminary Analysis of the President’s Budget
    $120 billion/year is, sadly, not a huge amount of money these days.

    Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.

    Record snowfalls do affect construction work, I don't see how that's hard to understand. Although I wouldn't expect the end result of that to be that severe.

    When the economy starts to improve, and jobs start coming back, what are you guys going to talk about?

    Edit: And seeing how both are forecasts, it's hard to say that one of them is "wrong" right now, isn't it?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Reagan Tripled the National Debt

    Bush Doubled the National Debt

    Cheney in 2002 said "deficits don't matter"

    The Righties should be happy as heck ...

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Has any republican president managed to run at a surplus, ever?

    (honest question, certainly none in my lifetime)
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Deuce View Post
    $120 billion/year is, sadly, not a huge amount of money these days.

    Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.

    Record snowfalls do affect construction work, I don't see how that's hard to understand. Although I wouldn't expect the end result of that to be that severe.

    When the economy starts to improve, and jobs start coming back, what are you guys going to talk about?

    Edit: And seeing how both are forecasts, it's hard to say that one of them is "wrong" right now, isn't it?

    Spoken like a true liberal soldier that would throw himself on a sword to protect an ideology. We weren't close to a depression in 2009 but are closer now. What was missing in 2009 when Obama took office that you and others want to ignore was high inflation and high interest rates.

    When Obama took office the labor force was 154.6 million and today that number is 153.5 or a reduction of 1.1 million workers that needs to be added to the unemployment number of 15 million. Those people are in a depression.

    All I have heard over and over again was the Bush debt, the Bush debt, and the Bush debt but now Obama will create more debt in 3 years than Bush did in 8 and according to liberals that was terrible. Now this is your spin?

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Deuce View Post
    $120 billion/year is, sadly, not a huge amount of money these days.
    The CBO estimate is 1.85 trillion. That's 15 times the number you say is not a huge amount.

    Quote Originally Posted by Deuce View Post
    Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.
    No....

    Economic experts agree that the spending "stimulus" had no impact on the recession.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    War production could help.

    "China is now illegal, bombing starts in 5 minutes".


    THE GREATEST FREEDOM IS THE FREEDOM TO OPPRESS OTHERS

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Deuce View Post
    Has any republican president managed to run at a surplus, ever?

    (honest question, certainly none in my lifetime)
    Eisenhower was the last president (republican or democrat) to run a surplus. And it was a meager one.

    That's because we don't aim to "pay off" the debt - we merely try to keep it at a reasonable level with respect to GDP.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    And now the AP has picked up the story:

    Congressional estimates show grim deficit picture - Yahoo! News

    A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.

    The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Taylor View Post
    Economic experts agree that the spending "stimulus" had no impact on the recession.
    Meanwhile, in reality ...

    In a report released on Jan. 13, 2010, the president's Council of Economic Advisers estimated that between 1.77 million jobs and 2.07 million jobs were created or saved by the stimulus through the fourth quarter of 2009.
    -- CBO: Between 800,000 jobs and 2.4 million jobs.

    -- IHS/Global Insight: 1.25 million jobs

    -- Macroeconomic Advisers: 1.06 million jobs

    -- Moody's economy.com: 1.59 million jobs
    Obviously, its less than projected, but its stupid to pretend that nothing happened.

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