CBO: Obama understates deficits by $2.3 trillion

[sailingaway]

Rounding error.

Perfectly understandable....

http://finance.yahoo.com/news/CBO-Obama-understates-apf-1323525507.html?x=0&sec=topStories&pos=5&asset=&ccode=

My only problem is that I think Rand pulled his budget numbers off of Obama's, not having commissions and agencies to put a full budget together, so I wonder what it does to his budget.

Mind you, to the extent he abolishes agencies where Obama understated the problem, that would take care of it, right there.

[Zippyjuan]

That is a total over ten years (about $230 billion a year whch would be 13% of this year's deficit). Projecting any numbers over ten years and by that time the figures are usually wrong anyways. Depends completely on what assumptions you make today about what will happen in the future- one number is no more right or wrong than the other. Arguing what may happen ten years from now is really not practical or significant. What are they doing THIS year?

[sailingaway]

Apparently he didn't count the cost of his high speed rail, because funding would be 'bipartisan'.

[TheNcredibleEgg]

And the CBO, itself, probably underestimated the deficits by another 2-3T on top of the 2.3T.

Reason being: The CBO doesn't ever forecast any recessions in its 10 year forecasts. Why? Well, because no economists have ever been able, with certainty, to forecast recessions (when) therefore the CBO just assumes no recessions ever.

One recession the in the next decade tho will destroy the CBO projections.

[eduardo89]

And the CBO, itself, probably underestimated the deficits by another 2-3T on top of the 2.3T.

Reason being: The CBO doesn't ever forecast any recessions in its 10 year forecasts. Why? Well, because no economists have ever been able, with certainty, to forecast recessions (when) therefore the CBO just assumes no recessions ever.

One recession the in the next decade tho will destroy the CBO projections.

Beat me to it.