Wednesday, January 26, 2011

What's Half a Trillion Dollars Among Friends?

Cross-posted from The Corner on National Review Online.


For those who see the Congressional Budget Office as the most accurate arbiter of future deficit projections, it’s worth noting that its latest projection for the 2011 budget deficit is $1.5 trillion, or 9.8 percent of GDP.

If you don’t find that number astounding on its own merits, note that total projected revenues for 2011 are $2.2 trillion. In other words, taxes would have to go up on every American by 66 percent, at projected levels of economic activity, in order to pay for our 2011 spending commitments, including interest on the debt.

What’s ironic is that last year, the CBO projected a 2011 budget deficit of just $980 billion. What’s a $500 billion, 50 percent error among friends?

UPDATE: Some are pointing out that the extension of the Bush tax cuts is responsible for a portion of the difference between the CBO's 2011 and 2012 estimates, which is a fair point. However: (1) only in part: the rest of the difference comes from spending growing faster than predicted and economic growth growing slower than predicted; (2) the CBO's static scoring system underestimates the impact of tax changes on economic growth, exaggerating the fiscal impact of the tax cut extension. Check out the links above for a detailed discussion.

UPDATE 2: See my follow-up post for an important correction.

45 comments:

  1. I absolutely adore reading your blog posts, the variety of writing is smashing.This blog as usual was educational, I have had to bookmark your site and subscribe to your feed in ifeed. Your theme looks lovely.Thanks for sharing.
    Regards
    Stock Tips

    ReplyDelete
    Replies
    1. I really love the quality writing as offered on this post, cheers to the writer.www.graavaa.com

      Delete
    2. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. Great work.http://luxuryescapes.in

      Delete
    3. I am just pretty happy to sign up ones own guestbook these days,Your own feedback and listed below are excellent in my opinion,incidentally I should say also definitely will teach some great supplements for your needs every.startup investment platform

      Delete
  2. Hey...
    It just awesome.. you have share very nice and interesting stuff.. i really like it.. thanks for sharing.. keep it up... keep sharing..

    ReplyDelete
  3. Hi, I knew this article and i am really interest in this post and site. So i need some other important article in this site,because i want to busy at this site.

    computer store

    ReplyDelete
  4. Great sharing!A very useful post that will be referenced long into the future.Thanks for sharing this informative post.I like it.

    ReplyDelete
  5. High distribution!A really reclaimable business that give be referenced hourlong into the early.Thanks for sharing this advisory business.I like it.



    Computer Accessories Store

    ReplyDelete
  6. I’m planning to start running a blog. I have heard that the blog platforms matters a great deal. I actually love just how your website is visually and all the features it has. Can you please share with me which blog platform you are using….

    ReplyDelete
  7. Whats up! Fabulous weblog! I am just a frequent visitor to your site (far like addict :P) to your website but also I had a issue. I'm so possibly not for sure whether its the right place to question, but you've got no spam comments. I get comments on a regular basis. Are able to you assist me? Gives thanks!
    tempurpedic weightless reviews

    ReplyDelete
    Replies
    1. Amazing, this is a great article! I did enjoyed reading it, keep your post :)

      Delete
  8. Cool post very informative I just found your site and read through a few posts although this is my first comment, i'll be including it in my favorites and visit again for sure.

    ReplyDelete
  9. This site is awesome. My spouse and i constantly come across a new challenge & diverse in this article.

    ReplyDelete
  10. I am very happy to read this. This is the kind of manual that needs to be given and not the random misinformation that's at the other blogs. Appreciate your sharing this best posting.

    ReplyDelete
  11. I want to encourage that you continue your great job, have a good day.

    ReplyDelete
  12. I always find such amazing posts on this website and today's post was really amazing http://www.hajijogja.com/ . Thanks dude

    ReplyDelete
  13. Thanks for taking the time out to share this with the readers. I was greatly interested with what you have shared and posted with us. visit here

    ReplyDelete
  14. Absolutely fantastic posting! Lots of useful information and inspiration, both of which we all need! visit here

    ReplyDelete
  15. Oh! So nice. You did really so wonderful job. You have posted very informative thing. I am excitedly waiting for you next post. pemutih glutera

    ReplyDelete
  16. You're so cool! I don't think I've read anything like this before. peninggi badan glutera

    ReplyDelete
  17. Awesome and interesting article. Great things you've always shared with us. Keep Blogging....Thanks visit here

    ReplyDelete
  18. Nice post, I am very happy to be here because this is a very good site that provides lots of information. Keep Blogging penghilang jerawat original

    ReplyDelete
  19. Great article, Very good and useful information. Iam very happy visit your site. Thanks for sharing. jual acai berry

    ReplyDelete
  20. These articles written too great,they rich contents and data accurately. I expect to see your new share http://www.pusatbajukorea.com

    ReplyDelete
  21. This is a great inspiring article.I am pretty much pleased with your good work. You put really very helpful information. best regards

    Healthcare Payer services

    ReplyDelete
  22. Awesome information, Any way I'll be subscribing to your feed and I hope you post again soon. jual sandal crocs

    ReplyDelete
  23. Awesome, this is a wonderful website buddy and an informative post!! Thanks for your post jual emilay :D

    ReplyDelete
  24. High distribution!A extremely useful business that provide be documented long into the first.Thanks for sharing this informative business.I like your work way to describe it.
    Exclusive Company Escorts

    ReplyDelete
  25. here is a nice post and describe a great solution...

    ReplyDelete
  26. The wise output required from an MBA scholar can be powerful to state the smallest. thus, it is imperative that you sustain a aim and firm pledge to present well as an MBA student. custom essay services please feel free to visit our site.

    ReplyDelete
  27. great article and ispirated for me. thanks

    ReplyDelete
  28. I seriously enjoy simply reading all your blogs. Just wanted to let you know that you have people like me who appreciate your work.
    Vimax
    Vimax
    Vimax
    Vimax

    ReplyDelete
  29. Woody's love life however, doesn't read nearly as cheery. He's been linked to many of leading ladies and has a penchant for women/girls much, much younger than he is. Woody was once in love with Mia Farrow and they adopted kids and had one of their own together, but in what is now an infamous scandal, that relationship ended not only his union with Farrow, but almost undid his illustrious entertainment career.

    ReplyDelete
  30. Pulau gili labak merupakan salah satu wisata pantai yang berada di pulau madura, tepatnya berada di kabupaten sumenep, ujung paling timur dari pulau madura. Letak pantai gili labak berada di sebelah tenggara kota sumenep. Transportasi kesana harus menggunakan perahu. Anda bisa menyewa di pinggiran pantai yang memang sudah disediakan oleh para agen tour travel. Jika berkunjung ke objek wisata pantai pulau gili labak, bawalah makanan dan air mineral, karena di pulau gili labak tidak terdapat sumber air tawar sama sekali. Luas pulau gili labak ini hanya 5 hektar saja dan dihuni oleh 35 kepala keluarga.

    Jika Anda butuh transportasi untuk menuju ke pulau gili labak, maka pakailah jasa sewa mobil kami yang beralamat di kota malang dan kota surabaya. Untuk jumlah peserta diatas 10 orang kami menyediakan sewa mobil elf . Dan untuk jumlah 6 orang ke bawah bisa menggunakan rental mobil avanza, xenia atau innova. Silahkan pilih jenis mobil yang kami sewakan sesuai dengan kebutuhan anda. Datanglah ke tempat sewa mobil malang kami.

    ReplyDelete
  31. You have a real ability for writing unique content. I like how you think and the way you represent your views in this article. I agree with your way of thinking. Thank you for sharing Austin strippers

    ReplyDelete
  32. Thank you, I've been seeking for info about this subject matter for ages and yours is the best I have discovered so far. Colorado Strippers

    ReplyDelete
  33. I am simply pretty happy to check in one’s own guestbook currently, Your own feedback and listed below square measure glorious in my opinion, incidentally I ought to say conjointly positively can teach some nice supplements for your wants eachDenver Strippers

    ReplyDelete
  34. I really enjoyed reading your articles are of great interest and add my insights. And pardon me permission to share articles here admin may be useful to you in particular are looking for :

    cara mengobati tukak lambung
    cara menghilangkan jerawat punggung
    cara mengobati flu menahun

    ReplyDelete
  35. By the way, Thank you for sharing with us, and we sincerely hope you will continue to update or post other articles.
    obat gondok beracun tradisional

    ReplyDelete
  36. what I have read on this page is enough to make me satisfied can menik die this article thanks greetings from me. toy penggeli orgasme
    alat bantu sex pria
    alat bantu sex wanita
    Obat vitalitas
    jamu cialis

    ReplyDelete
  37. Molly Wyatt from Illinois USA. I'm so full of joy writing this testimony to share with the people out there who must have giving up on hope that "there is no cure for HERPES VIRUS". Once, I was a victim to the oppression of HERPES VIRUS, I was so stigmatized because of this, to an extent I had to stop working. I have visited so many hospitals that I lost numbers of them and all the medical practitioners tell me is "sorry madam, there is no cure for it" or better still, they describe drugs for me to buy and beleieve you me, this drugs are so very expensive and for this reason, I was financially handicap. I had an encounter with Dr Zuma who became a saviour to me from the dreaded virus through the help of a friend of mine (Roseline). Roseline gave me a link to Dr Zuma, giving me assurance that he could cure me of my ailment. I did contacted Dr Zuma, i told him everything because by then, I was down trodden and broken hearted. Dr Zuma felt sorry for me and as such, moved to help me. He promised to prepare a herbal drink for me and then send it to me after which when i get it, I should make use of it as requested of me. I did as instructed and beleieve me dearly beloved, it actually worked out for me. It seemed funny to me because I never beleieved there will be a remedy to such affliction. Today, I am doing wonderfully well, hale and hearty and I am never scared of any kind of sickness no more because I strongly believe Dr Zuma got my back. To those of us who must have been suffering and dying silently from diseases, sickness and viruses like HIV,CANCER,DIABETES,ARTHRITIS and the likes, I have good news for you today, Dr Zuma is reliable and capable of handling such afflictions. Why not give him a trial today by contacting him through his email:drzumaherbalhome@outlook.com or drzumaherbalhome@gmail.com, his web/site http://drzumaherbalhome.wix.com/dr-zuma or call him through his mobile number +2348119007839 and be totally set free from the shackles of virus and diseases

    ReplyDelete