Posts Tagged ‘Congressional Budget Office’

CBO: Real unemployment at 15%

Saturday, February 18th, 2012

From the Congressional Budget Office report,
Understanding and Responding to Persistently High Unemployment, February 2012, (h/t Big Government)

United States is experiencing the longest stretch of high unemployment since the Great Depression

How bad?

Many people would like to work but have not searched for a job in the past four weeks, or are working part-time but would prefer full-time work. If those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent.

Since High Real Unemployment Data Reflect Poorly On Obama, the Brokest Nation In History Fusses Instead About Sex, as Mark Steyn points out (h/t Instapundit):

Just to emphasize, this isn’t the doom-laden dystopian fancy of a right-wing apocalyptic loon like me; it’s the official Oval Office version of where America’s headed.

Additionally,

And, as Chart 5-1 on page 58 of the official Obama budget “Analytical Perspectives” makes plain, your feckless, decadent rulers have no plans to do anything about it.

Timothy Geithner, Secretary of the Treasury, actually said,

on behalf of the Obama White House, to Rep. Paul Ryan: “You are right to say we’re not coming before you today to say ‘we have a definitive solution to that long term problem.’ What we do know is, we don’t like yours.”

Hear him say it,

Back to Mark Steyn,

Instead, the Democrats shriek, ooh, Republican prudes who can’t get any action want to shut down your sex life! According to CBO projections, by midcentury mere interest payments on the debt will exceed federal revenues.

For purposes of comparison, by 1788 Louis XVI’s government in France was spending a mere 60% of revenues on debt service, and we know how that worked out for His Majesty shortly thereafter.

Meanwhile, a post-menopausal Andrea Mitchell is scandalized over a very old joke.

Mitchell, married to former chairman of the Federal Reserve Bank Alan Greenspan, apparently can’t take her mind off sex long enough to peruse the real scandal.

With real unemployment at 15%, and gasoline prices expected to rise above $4.50/gallon by Memorial Day, you can’t help but wonder what distraction the media is going to concoct next.


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CBO Says Repealing ObamaCare Would Reduce Net Spending by $540 Billion

Saturday, January 8th, 2011

Phillip Klein has the memo,

The Congressional Budget Office, in an email to Capitol Hill staffers obtained by the Spectator, has said that repealing the national health care law would reduce net spending by $540 billion in the ten year period from 2012 through 2021. That number represents the cost of the new provisions, minus Medicare cuts. Repealing the bill would also eliminate $770 billion in taxes. It’s the tax hikes in the health care law (along with the Medicare cuts) which accounts for the $230 billion in deficit reduction.

Doug Ross explains it in practical terms, and says thanks a trillion, GOP House cut spending by $540 billion, taxes by $770 billion

The Congressional Budget Office was forced to admit that it deliberately misled the public on repealing Obamacare.

The agency, run by Democrat Douglas Elmendorf — a proponent of universal health coverage — contended that the Republican plan to repeal Obamacare would add $230 billion to the deficit.

That’s nonsense.

Eliminating a federal program does not increase spending.

No logical person would buy that.

Which is why liberal bloggers went ape and pushed and pushed this deception.

The American Spectator got the scoop.

Spending would be cut by $540 million by dropping Obamacare.

Ah, but there is a hidden $770 billion Obamacare Tax.

So repealing Obamacare is a tax cut.

At least it’s a start.

(h/t Instapundit & Memeorandum)

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8 years of Iraq < Stimulus Act

Tuesday, August 31st, 2010

CBO: Eight Years of Iraq War Cost Less Than Stimulus Act

As President Obama prepares to tie a bow on U.S. combat operations in Iraq, Congressional Budget Office numbers show that the total cost of the eight-year war was less than the stimulus bill passed by the Democratic-led Congress in 2009.

According to CBO numbers in its Budget and Economic Outlook published this month, the cost of Operation Iraqi Freedom was $709 billion for military and related activities, including training of Iraqi forces and diplomatic operations.

The projected cost of the stimulus, which passed in February 2009, and is expected to have a shelf life of two years, was $862 billion.

The CBO figures show that the most expensive year of the Iraq war was in 2008, the year when the surge proposed by Gen. David Petraeus and approved by President Bush was in full swing and the turning point in the war. The total cost of Iraq operations in 2008 was $140 billion. In 2007, the cost of Iraq operations was $124 billion.

Major Schadenfreude Alert

And, lest we forget, The stimulus jobs cost taxpayers $195,000 each.

UPDATE
Can’t Blame War For Spike In Deficit

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$4.4 Trillion in 31 months

Monday, August 23rd, 2010

Insane:

$4.4 Trillion
That’s how much the spending baseline has increased in 31 months.
(emphasis added)

CBO’s mid-year review largely reinforces the bad news we already knew—to wit, that spending has exploded since Democrats took over Congress in 2007, first with the acquiescence of George W. Bush and then into hyperdrive after Mr. Obama entered the White House.

To appreciate the magnitude of this spending blowout, compare CBO’s budget “baseline” estimate in January 2008 with the baseline it released Thursday. The baseline predicts future spending based on the law at the time. As the nearby chart shows, in a mere 31 months Congress has added more than $4.4 trillion to the 10-year spending baseline. The 2008 and 2009 numbers are actual spending, the others are estimates. As recently as 2005, total federal spending was only $2.47 trillion.

Keep that $4.4 trillion in mind the next time you hear Mr. Obama or Speaker Nancy Pelosi say they “inherited” this budget mess. Let’s assume the recession that Mr. Obama inherited—Mrs. Pelosi was already in power—was responsible for causing $1 trillion or so in deficit spending. That still doesn’t explain why the annual deficit of roughly $1.4 trillion will be nearly as high in fiscal 2010, after a year of economic growth, as it was in 2009. Or why CBO says the deficit will still be nearly $1.1 trillion in 2011 even if all of the Bush-era tax cuts are repealed.

The deficit is barely declining because of the lackluster economic recovery, which continues to yield too little revenue, and especially because of the record levels of spending passed by the Democratic Congress and eagerly signed by Mr. Obama.

Soaring Spending—Not Falling Revenues—Risks Drowning America in Debt

With more realistic assumptions, the budget baseline shows that:

  • Even as war spending phases out and the economy recovers, the projected budget deficit never drops below $1 trillion, and reaches nearly $2 trillion by 2020;
  • The national debt held by the public is set to surpass 100 percent of gross domestic product (GDP) by 2020;[1]
  • By 2020, half of all income tax revenues will go toward paying interest on a $23 trillion national debt;
  • Federal spending per household, which has risen from $25,000 to nearly $30,000 over the past three years, would top $38,000 by 2020. The national debt per household, which was $52,000 before the recession, would approach $150,000 by 2020;[2] and
  • Even if all tax cuts are extended, revenues will still surpass the historical average—18 percent of GDP—by 2020. The reason the deficit will surge 6 percent of GDP above its average is because spending will surge to 6 percent of GDP above its average.

These spending and deficit trends are completely unsustainable [emphasis added]. Yet President Obama and Congress continue to push spending and budget deficits even higher with endless failed “stimulus” spending that is now expected to continue into the middle of this decade. They have also enacted a massive new health care law that—far from reining in spiraling health care costs—increases spending (and likely deficits) even further. In short, Washington is digging this budget hole deeper.

Take a look at the graph (click & scroll down for larger view):

What to do? The Heritage Foundation recommends,

Genuine spending reforms are the only way to bring the budget under control. Lawmakers should rescind the remaining funds from TARP and the failed stimulus bill, as well as repeal the unaffordable health care law. Next, they should enact tough spending caps to help lawmakers set priorities and make trade-offs. Congress should then disclose the massive unfunded obligations of Social Security, Medicare, and Medicaid; put those programs on long-term budgets; and create an entitlement reform commission.[10] Finally, lawmakers should enact the necessary entitlement and programmatic reforms that can keep government within those limits.[11]

The likelihood the Dems in control of Congress will do that?

Close to zero.

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CBO says ObamaCare will cost $115 billion more than thought

Tuesday, May 11th, 2010

I was just saying in the prior post that taxes are going to rise so much, we’ll be thinking back to now as “the good old days.” Here’s one reason why:
CBO says ObamaCare will cost $115 billion more than thought

Of all the slime dripping from ObamaCare, from the de facto bribes to the procedural shenanigans to the Democrats’ insane demagoguery of townhall protesters, the gaming of the CBO numbers is what bothers me most. Which, in a way, is silly. When you’re talking about sums as fantastically astronomical as $940 billion, who cares what the actual pricetag is? But that’s just it: Obama pretended to care, touting the bending o’ the cost curve and demanding that the Democrats bring in a bill below the arbitrary yet politically toxic threshold of $1 trillion. And in order to make that happen, they were willing to tell any lie and pull any accounting trick that they had to, from rigging the cost window to obscure the actual $2.5 trillion pricetag to pouring the enormous costs of “doctor fix” into a separate bill so that it wouldn’t show up in the CBO data on O-Care to pushing the bill through the House before CBO was finished running the numbers. At a moment when Americans desperately need leaders to be frank with them about the cost of entitlements and what it’ll take to restore fiscal stability, Obama gave them a new entitlement built on lie after lie after lie. That’s the legacy of his signature domestic “achievement.”

If that doesn’t fill your heart with joy, Cap-and-Trade is back.

You really have to laugh to keep from crying.

CBO says ObamaCare will cost $115 billion more than thought

Tuesday, May 11th, 2010

I was just saying in the prior post that taxes are going to rise so much, we’ll be thinking back to now as “the good old days.” Here’s one reason why:
CBO says ObamaCare will cost $115 billion more than thought

Of all the slime dripping from ObamaCare, from the de facto bribes to the procedural shenanigans to the Democrats’ insane demagoguery of townhall protesters, the gaming of the CBO numbers is what bothers me most. Which, in a way, is silly. When you’re talking about sums as fantastically astronomical as $940 billion, who cares what the actual pricetag is? But that’s just it: Obama pretended to care, touting the bending o’ the cost curve and demanding that the Democrats bring in a bill below the arbitrary yet politically toxic threshold of $1 trillion. And in order to make that happen, they were willing to tell any lie and pull any accounting trick that they had to, from rigging the cost window to obscure the actual $2.5 trillion pricetag to pouring the enormous costs of “doctor fix” into a separate bill so that it wouldn’t show up in the CBO data on O-Care to pushing the bill through the House before CBO was finished running the numbers. At a moment when Americans desperately need leaders to be frank with them about the cost of entitlements and what it’ll take to restore fiscal stability, Obama gave them a new entitlement built on lie after lie after lie. That’s the legacy of his signature domestic “achievement.”

If that doesn’t fill your heart with joy, Cap-and-Trade is back.

You really have to laugh to keep from crying.

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