The Congressional Budget Office projections are less accurate than a horoscope.
in January 2007 the CBO forecast GDP growth of 2.3, 3% in 2008, and 2.9% each year after that, until 2012. The CBO "assumed" that the housing decline would stop, that the economy would not be thrown into a recession, and that gas prices would remain low. Wrong on all counts.
The CBO accurate?
Not so much.
I agree, the CBO has to rely on figures that are provided for them and it's usually manipulated, so it's garbage in garbage out.
That's false. The CBO uses the actual numbers from a proposed bill, but they use their own assumptions in making a forecast, frequently making best case, worst case and most likely predictions.
The CBO is not omnipotent. They will never be exactly right on any major projection. (Watch when that gets quoted back at me, wingnuts will change the meaning by omitting the word 'exactly'.)
They are impartial, giving honest estimates that always displease somebody, which gives them the MOST credibility of ANY agency doing predictions.
That was a budgetary impact study.
GDP growth forecasts are quite a bit more difficult.
"Repealing the Job-Killing Health Care Law Act"
Excuse me, but doesn't giving access to health care to 32 million Americans CREATE jobs in doctor's offices, hospitals, pharmacies, medical manufacturing, laboratories, etc....
So the CBO is just another waste of taxpayer dollars. How many millions do we spend on this government office or agency that has proven it's incapable of doing anything other than keeping someone employed?
I heard this argument, and it's pretty stupid.
Sure, repealing health care will add to the deficit (and even that is debatable). But it will reduce spending and taxation, and it will keep some freedom alive.
The budget might grow, but our civilization will be better off in the long run.
by lady_love158 10 years ago
http://blog.heritage.org/2011/08/25/mor … a-economy/In true 1984 double speak the WH is pointing to the CBO report on the economy as proof their policies are working! Lol! Really? Working to do what? Destroy America?? Can this country REALLY stand any more of Barack O.numb.nuts???
by American View 10 years ago
I cannot wait to hear the responses on this one. A day after Obama was threatening how he will not pay the armed services, not pay Social Security, not fund Medicare, and more. "we do not have the money to pay these things We need to rasie taxes" I agree with him on eliminating tax breaks...
by lady_love158 10 years ago
http://www.weeklystandard.com/blogs/cbo … 47288.htmlYou libs like pointing to the CBO all the time well read it and weep, Obamacare is a job killing law! So now we have 2 lies by Obama on this bill, that it would lower costs, it wont, and that it will create jobs, it wont! How much more of...
by Doug Robinson 11 years ago
With unemployment still hovering around 10%, should the new "Freshman Class" in the House of Represenatives be hellbent on killing Obamacare or more concerned with job creation?
by Grace Marguerite Williams 7 years ago
Obama indicated in his promissory speeches that he would improve America? However, he has done nothing of the kind, in fact, he has made America much worse since his takeover in the White House. Do you think that America has become worse under President Obama? The main crux of Obama's...
by screaming 9 years ago
The middle class person losing their job and unable to afford the cobra payment? People with existing conditions? People who exceed their lifetime benefit? Ask yourself these questions! How many people, by no fault of their own, will not be able to get the necessary care they need? Will forego...
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