- Joined
- Apr 5, 2012
- Messages
- 2,802
- Reaction score
- 517
- Location
- Atlanta, GA
- Gender
- Male
- Political Leaning
- Centrist
There wasn't a lot of punch in the bowl to start with, but CBO just put a massive turd in the economic punchbowl.
The Social Security bust moves two years ahead and long-range public debt level is roughly double last years projections. Last year debt levels were suppose to be improving. The CBO warns itself (the US Government) that it could unravel in the exact same say as Bear Stearns did in 2008.
When you read the CBO report you find that most of the projected improvement stemmed from the expiration of the Obama Tax-Cuts. Basically, the improvement came from taxes that we knew we would never collect. That should tell you to look at this year's assumptions which are fairly rosey as well. It assumes that younger workers will work longer, pay more, and get back less from government than any generation since the Great Depression.
Longer Summary Of The Report
CBO Budget Forecast is Gloomy For Millennials
(Full CBO Report)
CBO | The 2013 Long-Term Budget Outlook
The Social Security bust moves two years ahead and long-range public debt level is roughly double last years projections. Last year debt levels were suppose to be improving. The CBO warns itself (the US Government) that it could unravel in the exact same say as Bear Stearns did in 2008.
When you read the CBO report you find that most of the projected improvement stemmed from the expiration of the Obama Tax-Cuts. Basically, the improvement came from taxes that we knew we would never collect. That should tell you to look at this year's assumptions which are fairly rosey as well. It assumes that younger workers will work longer, pay more, and get back less from government than any generation since the Great Depression.
Longer Summary Of The Report
CBO Budget Forecast is Gloomy For Millennials
(Full CBO Report)
CBO | The 2013 Long-Term Budget Outlook