CBO estimate of Obama's deficit reduction plan

Discussion in 'Politics' started by Quantum Windbag, Jun 23, 2011.

  1. Quantum Windbag
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    Quantum Windbag Gold Member

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    [ame=http://www.youtube.com/watch?v=syMFyzaBNUo]YouTube - ‪CBO: President's Speech Not A Serious Budget Plan‬‏[/ame]
     
  2. Quantum Windbag
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    Quantum Windbag Gold Member

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    That they do not estimate speeches? Can you give me a reason not to believe that statement?

    The actual point here , which you obviously missed, is that Obama does not have a deficit reduction plan.
     
  3. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Since the LEFT has insisted on previous occasions that the CBO is truthful, factual and accurate, then pointing out what that body has said about Obama's proposals is not only acceptable but required. Deflecting from that by the left proves that previous statements made about the CBO are simply hot hair designed to be political talking points ONLY when the CBO agrees with them.
     
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  4. Zander
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    Zander Platinum Member

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    The CBO is non partisan. They work with what they are given.

    Case in point: If they are told to calculate the economic effect of Obamacare over ten years and ten years only (during which time we collect 6 years of revenue and pay for 4 years of benefits) that is what they do. That is why they reported that Obamacare lowered the deficit. Ask them to extend the analysis to 15 years and you get a totally different picture...at 20 years- an economic disaster.
     
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  5. The Rabbi
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    The Rabbi Diamond Member

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    Obama's first budget, proposed in Feb, was quietly deep sixed. His second one got no votes in Congress. None.
    The Dems are not serious about deficit reduction. No wonder Cantor and Coburn have pulled out of talks. There is no one to talk to.
     
  6. Greenbeard
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    Greenbeard Gold Member

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    Huh? They included a rough estimate of its financial impact in the second decade in the original analysis. The law cuts the deficit substantially more in the second decade than it does in the first.

    Effects of the Legislation Beyond the First 10 Years

    Although CBO does not generally provide cost estimates beyond the 10-year budget projection period, certain Congressional rules require some information about the budgetary impact of legislation in subsequent decades, and many Members have requested CBO’s analyses of the long-term budgetary impact of broad changes in the nation’s health care and health insurance systems. Therefore, CBO has developed a rough outlook for the decade following the 2010-2019 period by grouping the elements of the legislation into broad categories and (together with the staff of the Joint Committee on Taxation) assessing the rate at which the budgetary impact of each of those broad categories is likely to increase over time. Our analysis indicates that H.R. 3590, as passed by the Senate, would reduce federal budget deficits over the ensuing decade relative to those projected under current law—with a total effect during that decade that is in a broad range between one-quarter percent and one-half percent of gross domestic product (GDP). The imprecision of that calculation reflects the even greater degree of uncertainty that attends to it, compared with CBO’s 10-year budget estimates.

    Using that same analytic approach, the combined effect of enacting H.R. 3590 and the reconciliation bill would also be to reduce federal budget deficits over the ensuing decade relative to those projected under current law—with a total effect during that decade that is in a broad range around one-half percent of GDP. The incremental effect of enacting the reconciliation bill (over and above the effect of enacting H.R. 3590 by itself) would thus be to further reduce federal budget deficits in that decade, with a total effect that is in a broad range between zero and one-quarter percent of GDP.​

    Now did you hear somewhere that the CBO didn't consider the impact of the legislation up to the 20-year-mark or did you just make that up yourself?
     
  7. Zander
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    Zander Platinum Member

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    Thanks for the informatio, but the CBO does not provide formal estimates for Obamacare beyond 10 years. They usually do not. They did proffer an opinion, but even they (the CBO) acknowledge that it is nearly impossible to get an accurate estimate, even more so when the legislation is over 2000 pages long. From the CBO report
    I still stand by my assumptions that if implemented Obamacare will be a huge expense that will far exceed the touted cost. The federal government’s track record when it comes to accurately measuring the future costs of health care programs are always dramatically underestimated. Medicare (entire program) was off by a factor 10- meaning it cost 10 times more than the original CBO estimate.
     
  8. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    The CBO scored ObamaCare based on the assumption that only 7% of businesses would drop HC insurance coverage. This week we saw a survey of employers that said 30% would drop HC insurance coverae for their employees and pay the tax penalty. Which means premiums and the costs to the taxpayers will be quite a bit higher than we were told. The survey went on to say that as many as 50% might drop coverage as they learn more about the plan, and maybe offer employees a pay hike instead. Might be cheaper for the business and also for the employee.
     
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  9. Stephanie
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    Stephanie Diamond Member Supporting Member

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    anyone notice the Liberals are shying away from this thread.??

    very telling.
     
  10. FuelRod
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    FuelRod Gold Member

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    Budget is a four letter word to Democrats.
     

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