'Nonpartisan CBO' forecast shows budget deficit cut by 43%


iconLargely absent from the media is the story that the 10 year budget deficits forecast by the "nonpartisan Congressional Budget Office" have been slashed dramatically. During the run up to last years election, predictions of huge deficits were trumpeted throughout the media. While any 10 year forecast is dubious at best, the silence on the news of the adjustment is deafening.

The nonpartisan Congressional Budget Office is likely to estimate Tuesday that shortfalls over the next 10 years will total perhaps $1 trillion less than the $2.3 trillion in red ink it forecast last September, congressional aides say.
That is a cut of more than 43%, but the media is reporting this as a technicality. The news is technically good, because the CBO forecast doesn't include any Iraq war funding.
When the budget office issued its last update in September, it assumed the roughly $112 billion Congress approved for wars in Iraq and Afghanistan last year would be repeated every year for a decade.

But Congress has yet to approve any war money in 2005. So the budget office is required to assume that there won't be any new war funds provided this year.

Well, why even bother doing forecasts? If you cannot make logical assumptions the forecast isn't worth the paper it's printed on. Forecasts from the "nonpartisan Congressional Budget Office" are nothing more than masturbatory exercises that give politicians on each side of the aisle fodder to throw at each other. I guess that is what makes it nonpartisan. They're doing nothing more than creating sound bytes for themselves.



      top   link me

(c) Ravenwood and Associates, 1990 - 2014

About Ravenwood
Libertarianism
Libertarian Quiz
Secrets o' the Universe
Email Ravenwood

reading
<Blogroll Me>
/images/buttons/ru-button-r.gif

Bitch Girls
Bogie Blog
Countertop Chronicles
DC Thornton
Dean's World
Dumb Criminals
Dustbury
Gallery Clastic
Geek with a .45
Gut Rumbles
Hokie Pundit
Joanie
Lone Star Times
Other Side of Kim
Right Wing News
Say Uncle
Scrappleface
Silflay Hraka
Smallest Minority
The Command Post
Venomous Kate
VRWC


FemmeBloggers


archives

search the universe



rings etc

Gun Blogs


rss feeds
[All Versions]
[PDA Version]
[Non-CSS Version]
XML 0.91
RSS 1.0 (blurb)
RSS 2.0 (full feed)
 

credits
Design by:

Powered by: Movable Type 3.34
Encryption by: Deltus
Hosted by: Bluehost

Ravenwood's Universe:
Established 1990

Odometer

OdometerOdometerOdometerOdometerOdometer