Monday, April 27, 2009

One Hundred Days on, and MUCH Deeper in Debt

Sixteen tons, a hundred days, what's the diff?

HT: Ace, Tennessee Ford


Steve Burri said...

Picked up my shovel and I walked to the mine. (Shovel ready!)
I hauled Sixteen Tons of number 9 coal. (Coal, bad!)

Saint Peter don't you call my son cause he can't go
He owes his soul to that government whore.

Beer, Bicycles and the VRWC said...

Please cover up that whole, "Saint Peter" thing, ok? I don't want to appear to be endorsing any religions or anything.

The scary part of this is how many taxpayers think all this is ok. TCO still has approval ratings in the 60's.

J. Strupp said...

Keep in mind that the CBO is actually taking into account war costs now as well as the mounting health care crisis just over the horizon. Also, CBO assumes that stimulus spending will continue forever. Not the case. Most government stimulus is a 2-3 year expenditure.

Finally, keep in mind that the CBO projected massive surpluses around 2000 only to change back to massive deficits only a year later (due to the recession and unnecessary tax cuts).

These projections are pretty much unrealiable historically.

Dad29 said...

Wrong, wrong, and wrong again.

CBO uses OBAMA's budget projections (including war spending, ObamaCare Health, etc., plus the porkulus which will not be spent until 2-3 years downtrack.)

The deficits of '02 were at least partially caused by 9/11. If you were in business at the time, you know that.

J. Strupp said...

Yeah the deficits of '02 were at least partially caused by 9-11, but you can bet tax cuts (rebates) around that time didn't do any good either.

"CBO uses OBAMA's budget projections"

Yes I know. Let me clarify. The current CBO esitmates are now reflecting a more accurate snap shot of future deficits than projected by previous adminstrations (that doesn't give one comfort considering the slope obviously). What I am saying is that CBO projections have been massaged in order to sugar coat the seriousness of our situation in past projections.