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Old 01-31-2012, 01:08 PM
 
Location: Texas
14,975 posts, read 16,453,455 times
Reputation: 4586

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CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012 - The Hill's On The Money

They're now predicting the budget deficit for this year to be $1.08 trillion, compared to their prediction of $973 billion last August.

They also predict that unemployment will rise to 8.9% by the end of this year and above 9% in 2013.
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Old 01-31-2012, 01:09 PM
 
Location: Fort Worth Texas
12,481 posts, read 10,218,480 times
Reputation: 2536
Quote:
Originally Posted by afoigrokerkok View Post
CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012 - The Hill's On The Money

They're now predicting the budget deficit for this year to be $1.08 trillion, compared to their prediction of $973 billion last August.

They also predict that unemployment will rise to 8.9% by the end of this year and above 9% in 2013.
If UE rises Obama will be done
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Old 01-31-2012, 02:25 PM
 
23,838 posts, read 23,113,952 times
Reputation: 9409
I'm very skeptical of the CBO to get much of anything right. Not because I think they're incompetent, because the number of variables is extreme, but because I don't recall ever reading an analysis from them that was particularly accurate. Queue the costs of Obamacare for your proof.
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Old 01-31-2012, 02:28 PM
 
1,027 posts, read 1,256,395 times
Reputation: 892
And to think that the Republitard dirtbags running for president all want to increase defense spending while cutting taxes for the rich...which will lead to even more sky-high deficits and more economic destruction that started under Dumbya Boosh, the Village Idiot from Texas manchild president.

Of course, the only person who won't do this is Ron Paul, but that goes without saying. It also goes without saying he has zero chance at the GOP nomination.
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Old 01-31-2012, 02:29 PM
 
29,981 posts, read 42,917,108 times
Reputation: 12828
Quote:
Originally Posted by afoigrokerkok View Post
CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012 - The Hill's On The Money

They're now predicting the budget deficit for this year to be $1.08 trillion, compared to their prediction of $973 billion last August.

They also predict that unemployment will rise to 8.9% by the end of this year and above 9% in 2013.
Real unemployment is already estimated at 10%.

Latest Congressional Budget Outlook For 2012-2022 Released, Says Real Unemployment Rate Is 10% | ZeroHedge

Quote:
Originally Posted by AeroGuyDC View Post
I'm very skeptical of the CBO to get much of anything right. Not because I think they're incompetent, because the number of variables is extreme, but because I don't recall ever reading an analysis from them that was particularly accurate. Queue the costs of Obamacare for your proof.
The author of the ZeroHedge article above would agree with your assessment.
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Old 01-31-2012, 02:32 PM
 
Location: Great State of Texas
86,052 posts, read 84,442,711 times
Reputation: 27720
And we know how accurate the CBO is...NOT

I think it's going to be a lot more than $1 trillion.
UE..the data can always be manipulated. Lower the labor force participation, create a few more new businesses and you've lowered the UE number.
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Old 01-31-2012, 02:37 PM
 
69,368 posts, read 64,081,664 times
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Quote:
Originally Posted by HappyTexan View Post
And we know how accurate the CBO is...NOT

I think it's going to be a lot more than $1 trillion.
UE..the data can always be manipulated. Lower the labor force participation, create a few more new businesses and you've lowered the UE number.
Well the other side of the equation is that the CBO also came out with a report which says that because of lower deficits, (i.e. tax increases kicking in), the growth in GDP will fall to an abismal 1% for next year, pretty much meaning no growth, thus disputing the Obama claim of a recovery.

Both of these figures, assume no changes are done by Congress which we all know is a ridiculous assumption.
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Old 01-31-2012, 02:45 PM
 
Location: Portland, OR
9,855 posts, read 11,924,870 times
Reputation: 10028
Quote:
Originally Posted by HappyTexan View Post
I think it's going to be a lot more than $1 trillion.
And, what if you are right? What is it proof of? Why was there no outcry when Bush II spent Trillions on beating the snot out of the Middle East? Obama is spending money on Americans and there are people who can't get their heads around that. I can't get my head around that... ...

Quote:
Originally Posted by HappyTexan View Post
UE..the data can always be manipulated. Lower the labor force participation, create a few more new businesses and you've lowered the UE number.
Unemployment is unacceptably high now. It will be so forever, no matter who or what is President. Tying the UE to Obama or Obama's chances for reelection is a Red Herring conclusion.

H
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Old 01-31-2012, 03:02 PM
 
3,345 posts, read 3,073,562 times
Reputation: 1725
Quote:
Originally Posted by TheFix View Post
And to think that the Republitard dirtbags running for president all want to increase defense spending while cutting taxes for the rich...which will lead to even more sky-high deficits and more economic destruction that started under Dumbya Boosh, the Village Idiot from Texas manchild president.

Of course, the only person who won't do this is Ron Paul, but that goes without saying. It also goes without saying he has zero chance at the GOP nomination.
Don't blame Texas.... he was educated in the Northeast (a fact noticably absent from the hate filled *******s of the present)

Don't you have equally bad things to worry about.... like the European debt crisis (whih affects us here too, by the way)

Neither the Dems or Reps seem to have any clue how to fix the mess so maybe a 3rd party needs to come to power
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Old 01-31-2012, 03:05 PM
 
Location: Sango, TN
24,868 posts, read 24,377,473 times
Reputation: 8672
Quote:
Originally Posted by afoigrokerkok View Post
CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012 - The Hill's On The Money

They're now predicting the budget deficit for this year to be $1.08 trillion, compared to their prediction of $973 billion last August.

They also predict that unemployment will rise to 8.9% by the end of this year and above 9% in 2013.
"CBO Director Doug Elmendorf told reporters that Congress will have to make important choices this year regarding the supercommittee trigger and tax policy that will have huge effects on the deficit."

From your link.

In other words, taxes will have to go up, and spending will have to be cut.

And one party is against one, or the other.

So we are SNAFU unless these idiots can learn to work together in an election year.

I won't be holding my breath.
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