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Speaking Of "Credibility", Here Is The CBO's 2001 Forecast Which Predicted Negative $2.5 Trillion Net Debt In 2011

Sunday, August 7, 2011 - 3:11 AM
http://www.zerohedge.com/news/speaking-credibility-here-cbos-2001-forecast-which-predicted-negative-25-trillion-net-debt-2011
according to the same CBO back in 2001, net US indebtedness in 2011 would be negative $2.436 trillion, the ratio of debt held by the public to GDP would be 4.8%, total budget surplus would be $889 billion, and GDP would be $16.9 trillion.
 

CBO charted projections follow summary.

 

 

Personal NOTE: For me, this CBO prediction is not helpful to either political party.  And, it is less a reflection of the CBO's forcasting ability, but rather, further evidence that all "calls" and projections are conditional due to the behavior of people who did not have to make the forcast (ie: pres, congress, states, other countries, weather, etc).

Bush:  A republican social conservative, with an MBA, (who chose war instead of special ops; created homeland security instead of streamlining CIA/FBI; created the adored TSA, -- I could go on...).  That's not small govt thinking.  That's just not proper math thinking.  That's a fiscal liberal.

Obama:  A democrat social liberal, who ignores the state of the economy to push through huge govt programs (front-loaded mathmatically unsusstainable health care plan; laws/regulations of blank pages; not only has kept us in wars he promised to end -- but has us fighting more wars in other countries; a proposed budget rejected by 100% of congress; during a pivotal moment, presented no written plan during negotiations with the opposing party written plans...  but claiming the opposing party is impossible to work with and unreasonable).  I don't know what that is...  But, fiscal liberal, yes.

For the CBO to be accurate, they would need fiscal conservatives presenting plans to the CBO... and fiscal conservatives diligently implementing those plans.  Regardless of party affiliation.
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MikeMike327 posts since
Feb 22, 2010
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