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In 2001 the CBO said ....

Monty

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In January 2001, CBO's baseline projections showed a cumulative surplus of $5.6 trillion for the 2002-2011 period. The actual results have differed from those projections because of subsequent policy changes, economic developments that differed from CBO's forecast, and other factors. As a result, the federal government actually ran deficits from 2002 through 2010 and will incur a deficit in 2011 as well. The cumulative deficit over the 10-year period will amount to $6.2 trillion, CBO estimates—a swing of $11.8 trillion from the January 2001 projections.
They didnt miss it TOO much ... :rolleyes:

http://www.cbo.gov/doc.cfm?index=12187
 
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greg334

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I would suppose those projections were based on everything staying the same...nothing changing...What a waste of someones time just to to do a project like that....
Not exactly.

Those estimates are based on the budget growth of I think inflation plus a baseline - maybe 3%.

The CBO and the WHBO both came out with that news back in 1998 or '99 when the media screamed about clinton's surplus and how great that we will be out of debt in a few years. IT was all projections to begin with and no real hard numbers to back that up.
 

chefdennis

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Any projections that come out of the CBO office are nothing but BS to begin with...they only work with the numbers supplied to them by the party in power.....they my be "independent'..but they don't do there own research or gathering of info themselves....:rolleyes:
 

greg334

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Any projections that come out of the CBO office are nothing but BS to begin with...they only work with the numbers supplied to them by the party in power.....they my be "independent'..but they don't do there own research or gathering of info themselves....:rolleyes:
Really?

Seriously you are saying this?

Do you actually know what they do and how they actually work or are you reading a blog entry about them?
 

chefdennis

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Really greg...really...they are as far from independent as the elected repres from each party...garbage in garbage out...
 

Monty

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Really?

Seriously you are saying this?

Do you actually know what they do and how they actually work or are you reading a blog entry about them?
From their website:

Cost Estimates. The Congressional Budget Office is responsible for providing federal budget and mandate cost estimates for bills (other than appropriation bills) when they are reported by a full committee of either House. Committee staff should notify CBO when bills are about to be ordered reported and when cost estimates are needed.
Congressional Budget Office - Preparing and Distributing Estimates and Analyses

When undertaking a cost estimate, CBO analysts contact the staff of the committee of jurisdiction and, when applicable, the staffs of the Member sponsoring the proposal and the Member requesting the estimate to gather background information and discuss the schedule for completing the estimate.
I'm not sayin, I'm just sayin ....
 

greg334

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Really Dennis, you apparently don't have a clue what their purpose is or how they work but repeat what others have said. I read something just like what you posted on a very weird conservative blog - they call Rush their messiah.

Anywho ...

pretty much what he said was only part of it, reading the rest, they have access to much more than what the staffs give.

The issue for me is that many times their job is not to report to the general public but as a tool for the congress to use to make decisions and this is where many jump on them because something doesn't turn out to be true or happen.

By the way, if any one group can be called a BS group, it is the OMB.
 
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