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US Debt - New CBO Report - 10/5/2013 5:04:54 PM   
Phydeaux


Posts: 4828
Joined: 1/4/2004
Status: offline 		A very striking feature of the latest CBO report is how much worse it is than last year's. A year ago, the CBO's extended baseline series for the federal debt in public hands projected a figure of 52% of GDP by 2038. That figure has very nearly doubled to 100%. A year ago the debt was supposed to glide down to zero by the 2070s. This year's long-run projection for 2076 is above 200%. In this devastating reassessment, a crucial role is played here by the more realistic growth assumptions used this year.

Just how negative becomes clear when one considers the full range of scenarios offered by CBO for the period from now until 2038. Only in three of 13 scenarios—two of which imagine politically highly unlikely spending cuts or tax hikes—does the debt shrink from its current level of 73% of GDP. In all the others it increases to between 77% and 190% of GDP. It should be noted that this last figure can reasonably be considered among the more likely of the scenarios, since it combines the alternative fiscal scenario, in which politicians in Washington behave as they have done in the past, raising spending more than taxation.
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RE: US Debt - New CBO Report - 10/6/2013 2:38:58 AM   
joether


Posts: 5195
Joined: 7/24/2005
Status: offline 		An as usual, no use of a link to the document what is being plagiarized. Don't worry folks, its on many conservative blogs. Just take the first sentence and goggle it. You'll get a few hundred entries with the same line. Everyone of them in the silly belief that it some how blames the President, Democrats and liberals. An as we have observed with the Affordable Care Act, 99.9% of these sites didn't bother to read the actual document. I'm sure the OP didn't read it either. Sounds juicy, must post it here to 'slam' someone. Typical, typical, typical.....oh.....did I mention typical thinking going on?

Yeah, the report is only a flimsy 126 pages long (less if you minus out the non-essential material). I'm sure even the OP could handle reading this one. Understanding it is something different. The material the OP is using comes from the ORIGINAL SOURCE. It is an educated guess. The material the author of that article refers to, again, I believe is from this source. In the CBO document, it explains that the current set of problems will not repair itself without some retooling.

Part of the problem encounters is the projection of healthcare. But before you say "HA! I knew the ACA was dumb", the CBO points out that the reason for the health care costs is from the aging baby-boomer population, NOT, the ACA. Course, its 5:30AM, I'm half asleep, and I read a few CBO Reports from the last few months finding the correct report. The linked CBO item I have above, I've only read through the first 20-30 pages. So It might not be in the one I linked above, but it was within one of them in the past two or three months. Given that we knew the baby boomer population was going to begin retiring right around the last few years, should not have been a surprise to anyone with a pulse. Nor that health care costs for the elderly have been rising for a few decades.

The CBO Report explains that two things will need to take place to advert the coming disaster. Problem is, the likelihood of either let alone both is questionable. The budget has to be balanced, budgetary items cut and taxes raised. The difference between the funding cut and the new tax level, I am assuming is applied directly towards the US Debt to bring it down over some amount of time (25-30years?).


(in reply to Phydeaux)
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RE: US Debt - New CBO Report - 10/6/2013 5:54:29 AM   
DesideriScuri


Posts: 12225
Joined: 1/18/2012
Status: offline
quote:

ORIGINAL: joether
An as usual, no use of a link to the document what is being plagiarized. Don't worry folks, its on many conservative blogs. Just take the first sentence and goggle it. You'll get a few hundred entries with the same line. Everyone of them in the silly belief that it some how blames the President, Democrats and liberals. An as we have observed with the Affordable Care Act, 99.9% of these sites didn't bother to read the actual document. I'm sure the OP didn't read it either. Sounds juicy, must post it here to 'slam' someone. Typical, typical, typical.....oh.....did I mention typical thinking going on?
Yeah, the report is only a flimsy 126 pages long (less if you minus out the non-essential material). I'm sure even the OP could handle reading this one. Understanding it is something different. The material the OP is using comes from the ORIGINAL SOURCE. It is an educated guess. The material the author of that article refers to, again, I believe is from this source. In the CBO document, it explains that the current set of problems will not repair itself without some retooling.
Part of the problem encounters is the projection of healthcare. But before you say "HA! I knew the ACA was dumb", the CBO points out that the reason for the health care costs is from the aging baby-boomer population, NOT, the ACA. Course, its 5:30AM, I'm half asleep, and I read a few CBO Reports from the last few months finding the correct report. The linked CBO item I have above, I've only read through the first 20-30 pages. So It might not be in the one I linked above, but it was within one of them in the past two or three months. Given that we knew the baby boomer population was going to begin retiring right around the last few years, should not have been a surprise to anyone with a pulse. Nor that health care costs for the elderly have been rising for a few decades.
The CBO Report explains that two things will need to take place to advert the coming disaster. Problem is, the likelihood of either let alone both is questionable. The budget has to be balanced, budgetary items cut and taxes raised. The difference between the funding cut and the new tax level, I am assuming is applied directly towards the US Debt to bring it down over some amount of time (25-30years?).


Where was there any blame on only one party in the OP? Where was there any mention of Obamacare, positive or negative, in the OP?




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What I support:

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(in reply to joether)
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RE: US Debt - New CBO Report - 10/6/2013 6:04:56 AM   
JeffBC


Posts: 5799
Joined: 2/12/2012
From: Canada
Status: offline 		I agree. Rising debt is bad.

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I'm a lover of "what is", not because I'm a spiritual person, but because it hurts when I argue with reality. -- Bryon Katie
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officially a member of the K Crowd

(in reply to Phydeaux)
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