CBO: Long-term budget outlook still ‘daunting’
Does anyone think lawmakers will fix this problem before it is too late?
THEHILL-While an increase in tax revenues has lowered the deficit slightly more than previously thought, the long-term budget outlook “remains daunting,” the Congressional Budget Office (CBO) said Thursday
CBO now projects that the government will be $158 billion in the red in 2007, $19 billion less than predicted in March. The agency named additional revenues, mostly from individual income taxes, as the reason for the more positive picture. However, despite the short-term improvement, CBO predicts that, in 2009 and 2010, the deficit will rise again to a greater share of the gross domestic product.
“Over the long term, the budget remains on an unsustainable path,” CBO said. “Unless changes are made to current policies, growing demand for resources caused by rising healthcare costs and the nation’s expanding elderly population will put increasing pressure on the budget.”
Never fear, Bernake will save the day!
http://tinyurl.com/2ce3g7
So let’s add an entitlement for every American to receive the taxpayer funded benefit of universal health care–that should solve the problem.
hoads….lol!
Even worse, let’s let dems raise taxes so that revenues flowing in will decrease while social spending continues to rise.
Chalk up another one for divided government….
Stephen Sliviniski, economist, author of Buck Wild, Director of Budget Analysis for the Cato Institute, and DWSUWF favorite, comments on recently released CBO budget estimates in “Finally, Some Not-So-Bad News on the Budget” posted at Cato@Liberty:…
Just a reminder, http://tinyurl.com/2qwtol
That’s the US Federal Budget numbers, in a user-friendly spreadsheet, for 1962-2006.
And, what it says is that GOPers increase federal revenues by an average 47.4% per term, and Democrats 42.4%.
Of course, it isn’t corporate tax revenue that goes up (24.7%, vs. 51.6% for Dems), but individual taxes (46.7%, vs. 44.7% for Dems).
And, social security taxes (+69.2% vs. +45.0%), but not estate duties (+32.35 vs. +49.6%).
Question: who pays into the GOPer campaign war chest?
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When it comes to spending, however, the Republican’ts really shine. Discretionary spending up 43.6% (vs. 25.3% for Democrats), program spending up 74.2% (vs. 34.1%).
Total spending up an average of 56.3% for the so-called conservatives, vs. 31.1% for the real party of fiscal responsibility.
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And, let’s remember the state of affairs before the current clowns stole power [ http://tinyurl.com/3b8t8r ]:
CBO projections for the change in public debt, 2001-06 (projection made January 2000): -$1,375 billion.
CBO actual results for the change in public debt, 2001-06 (results from January 2007): +$1,419.2 billion.
Difference? Only $2.8 trillion.
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See, the Republican’ts work on a very simple formula:
–Blow out spending, particularly that which favors your campaign contributors;
–Slash revenues from campaign contributors but jack it up for the common man;
–Ramp up the deficits and sock it away as debt paid for by T-bills;
–Let the Democrats clean up the mess; and
–Blame the Democrats, regain power and do it again.
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bb,
When you try to refute this, please be sure to put in the URL for the spreadsheets that comprise your evidence.
Name calling just won’t do.
Both parties have a spending problem. But at least the GOP historically reduces taxes while cleaning up messes left by dem predecessors, especially over the past four decades.
If we could just skip the occasional collective American brain fart that results in election of big tax and spend libs like Carter and Clinton, maybe the GOP could accomplish both tax and spending cuts. 08 is the next big chance.
So, back to just lying through your teeth with no evidence whatsoever, huh?
You’re not even going to try to cite any authority or evidence at all, are you?
Pathetic.