Is the Deficit Really Shrinking?
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss a DHS reaction to Bitcoin, a CBO report on a shrinking deficit and why liberals think deficits are a good thing.
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CBO: Government to Spend $47.2 Trillion Over Next 10 Years
We’ve all been waiting to see the updated CBO Budget and Economic Outlook for 2013 and the next ten years. Most of the news articles are focusing their headlines on the deficit and debt numbers projected in the CBO report. But remember that the reason why CBO deficit projections always understate the reality is because they overstate the amount of revenue they expect to come | Read More »
Obama: The Gold Medalist in Debt Race
Well, Obama is approaching another milestone. In addition to breaching the $16 trillion debt mark, Obama will earn another gold medal in the Greek Olympics for fiscal insanity. According to CBO, we will definitely incur another $1 trillion debt this year, ensuring that Obama will become not only the only president to rack up a trillion dollar debt, but the only one to ever do | Read More »
What Spending Cuts?
We constantly hear about the age of austerity and painful spending cuts that are being enacted in Washington. The only problem is that they don’t exist. Earlier this week, the CBO published a report on the budget deficit for the first 9 months of Fiscal Year 2012 (October 2011-June 2012). The headline figure of the report shows that the 9-month deficit stands at $905 billion, | Read More »
How To Make The CBO Your Tool of Disinformation
Phillip Klein of The Washington Examiner is shocked. Phillip Klein is appalled. He’s shocked and appalled. It seems that he was the last individual in Washington, DC to get the message that The Affordable Care Act of 2009 (AKA ObamaCare) was going to take a wee tad more out of the national wallet than we were previously led to believe after the CBO estimated it’s | Read More »
CBO’s Budget Report: Perennial Debt for Generations
“The rosy predictions for revenues and reduced healthcare spending can come to fruition, but not with the current socialist policies as the baseline.” The budget season has officially commenced today with CBO’s release of its annual budget and economic outlook. Here are some of the major takeaways from the report: FY 2012 Budget The topline figure that the media will focus on is the projected | Read More »
Federal Workers Earning More Than Those Paying Their Salaries
Remember Obama’s two-year salary freeze he imposed on federal workers? Well, as part of his FY 2013 budget, Obama plans to end the pay freeze and offer salary increases to federal workers. It is in this context that CBO published a report showing that federal workers still earn more than their counterparts in the private sector. While it is clear that many federal workers (but not | Read More »
Annual Deficit Will Absolutely Top $1 Trillion in 2012
“It’s going to take a lot more than a few accounting gimmicks and unrealistic assumptions to cure our budget ailment” Yesterday, the media was agog with glee over reports that CBO is projecting an annual deficit “below $1 trillion for the first time in four years.” How did they arrive at that conclusion? This projection was extrapolated from the Treasury Department’s report of the first | Read More »
Congress, Guns N’ Roses and Deficit Spending
I used ta do a little but a little wouldn’t do it So the little got more and more I just keep tryin’ ta get a little better Said the little better than before Guns N’ Roses
CBO Director Admits Stimulus Will Shrink Economy
We could have done a lot of good things with the $830 billion that was flushed down the toilet through the 2009 stimulus. That money could have been used to permanently transform our entitlement programs to free-market personal ownership accounts. It could have been used for massive pro-growth tax cuts. Instead, it was used to grow perennial dependency and for special interest handouts. But all | Read More »
The CBO Has Been Occupied by OWS’s Intellectual Inequality
One fundamental liberal desideratum is the achievement of equal results at the expense of equal opportunity. Conservatives believe in implementing policies that protect our God-given rights, which provide every human being with an equal opportunity to succeed. Liberals reject policies that foster unfettered equal opportunity because they invariably produce unequal results, being that human beings have different talents, capabilities, work ethic, and luck. On Tuesday, | Read More »
CBO’s Latest Budget and Economic Outlook is Unrealistic
The latest CBO budget and economic outlook is using baseline assumptions that are as realistic as flying unicorns. Although they project a decade of mediocre growth and moderate deficits, even such a dismal projection is a pretentious view of reality. On the budget side, CBO’s baseline outlook portends a $1.284 trillion deficit this year, and $3.487 worth of deficits over the ten-year budget frame, from | Read More »
Repeal of the Job-Killing Health Care Act will NOT Increase the Deficit
According to the MSM, repeal of Obamacare would have detrimental effects on the economy. Via Reuters: In a preliminary estimate of legislation the House is set to begin debating on Friday, the CBO said repealing the law that President Barack Obama and his fellow Democrats enacted would “increase federal budget deficits over the 2012-2019 period by a total of roughly $145 billion (93 billion pounds).” | Read More »
This sums up the Democratic Congressional strategy perfectly.
On Tuesday night, be given a health care bill the size of Delaware that nobody in your office had a chance to read (over 1,000 pages, in this case). On Wednesday, watch it be jammed through various committees. On Thursday, find out from that the nonpartisan oversight group that’s supposed to be regulating this sort of thing hasn’t been able to read it, either. Note | Read More »