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Why You Should Care About the CBO Report – Really This Time

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  1. [...] The Congresional Budget Office (CBO) released a very bleak Report on “The Budget and Economic Outlook.” The report is hiding some facts and our editor and fellow blogger Rich Mitchell takes it apart here. [...]

  2. Warof2010 says:

    Deficit Spending
    the story in a nutshell

    CBO http://bit.ly/9lB1xt

    Federal Revenues, Expenses, Deficit
    YEAR……REV…..EX P…DEFICIT (Trillions)
    FY1996 — 1.458 — 1.560 = 0.1074
    FY1997 — 1.579 — 1.692 = 0.0226
    FY1998 — 1.721 — 1.651 = 0.070
    FY1999 — 1.827 — 1.705 = 0.122
    FY2000 — 2.025 — 1.788 = 0.247
    FY2001 — 1.990 — 1.863 = 0.127
    FY2002 — 1.853 — 2.011 = 0.158
    FY2003 — 1.783 — 2.160 = 0.378
    FY2004 — 1.880 — 2.293 = 0.413
    FY2005 — 2.154 — 2.472 = 0.318
    FY2006 — 2.407 — 2.655 = 0.348
    FY2007 — 2.568 — 2.731 = 0.163
    FY2008 — 2.524 — 2.983 = 0.459
    FY2009 — 2.105 — 3.518 = 1.413
    FY2010 — x.xxx — x.xxx = x.xxx

    FY2010 Budget Deficit = $1.174 Through July (10 months)
    http://bit.ly/cm4PNi

    Entitlement Spending

    CBO http://bit.ly/9lB1xt

    SocialSecurity|Medicare|Medicaid (in trillions)
    ………….SS….M care..Mcaid..Total.. …Increase/yr.
    FY1996 .314 + .281 + .xxx = 0.595
    FY1997 .358 + .305 + .xxx = 0.663……..0.068
    FY1998 .372 + .314 + .xxx = 0.686……..0.023
    FY1999 .383 + .211 + .108 = 0.702 …….0.016
    FY2000 .402 + .218 + .118 = 0.738……..0.035
    FY2001 .426 + .241 + .130 = 0.797……..0.059
    FY2002 .448 + .256 + .148 = 0.852……..0.055
    FY2003 .467 + .277 + .161 = 0.905……..0.053
    FY2004 .488 + .300 + .176 = 0.964……..0.059
    FY2005 .514 + .335 + .182 = 1.031……..0.067
    FY2006 .548 + .378 + .181 = 1.107……..0.076
    FY2007 .577 + .374 + .191 = 1.142……..0.035
    FY2008 .607 + .389 + .202 = 1.198……..0.056
    FY2009 .659 + .428 + .251 = 1.338……..0.140
    FY2010 .xxx + .xxx + .xxx = x.xxx……..0.xxx
    http://bit.ly/9lB1xt

    Entitlement spending, alone, for SS, Medicare, and Medicaid,
    in 2011, will approach $1.6 trillion Dollars
    2010 TOTAL FEDERAL REVENUES = $2.1 Trillion Dollars

    http://bit.ly/ctfoRL