It looks like we’ve moved to talking about possible scandals just in time, because according to the Congressional Budget Office, the debt disaster that has obsessed the political class for the last three years is pretty much solved, at least for the next 10 years or so.
The last time the CBO estimated our future deficits was February– just four short months ago. Back then, the CBO thought deficits were falling and health-care costs were slowing. Today, the CBO thinks deficits are falling even faster and health-care costs are slowing by even more.
Here’s the short version: Washington’s most powerful budget nerds have cut their prediction for 2013 deficits by more than $200 billion. They’ve cut their projections for our deficits over the next decade by more than $600 billion. Add it all up and our 10-year deficits are looking downright manageable.
So where was the cheering? The fireworks? The shouts of joy?
It all must have fallen on deaf ears. The Congress was too busy trying to repeal “Obamacare” for the 37th time, even though they know their efforts will never pass the Senate or the President. The CBO also reported that Obamacare had gotten cheaper and so had Medicare.
I doubt that those who are hell-bent on destroying the Obama presidency will believe the CBO and that already someone has come up with a different formula that proves their report all wrong. I suppose all the talk about the deficit, debt ceiling and sequestration was just for show. it really doesn’t sound like anyone cares.
Because the CBO gets it wrong. It depends upon what numbers are given them. I didn’t believe them then nor now. Because health care costs are not slowing. They are rising.
You have admitted that you don’t even have health care. What makes you the all-knowing? Why do you say they are rising? What are you basing that on?
Heh… I’ve just read about 10 articles on this. Not one can agree on why its shrinking. Some say its the sequester and higher taxes. Others say its not. Some mention higher real estate values, but then its revealed that the real estate market is dropping, again… “unexpectedly.”
All of them do point out that these are just predictions and estimates. And that it is temporary. By 2016, everything starts shooting upwards.
So, really, nothing has changed.
The article says we are good for the next 10 years, then the deficit rises again because of old people and a couple other reasons. The old people caught my eye.
@Moon-howler
The reports of rising health costs across the nation.
Who is making the reports? someone like me bitching about it or studies?
It is good that the deficit is coming down.
More silliness from the right- health care costs really aren’t falling, and the deficit isn’t dropping. And Mitt Romney was ahead in the polls, and the housing market isn’t steadily improving, and the stock market isn’t regularly hitting record levels, and unemployment isn’t down, and Chrysler and GM haven’t mostly paid back their loans, and the government didn’t get paid back with interest from the bailouts, and Bin Laden isn’t dead, and the earth isn’t warming, and on and on.
It would have been interesting if Romney was elected to see how fast the right would have taken credit for the latest good news on the economy as proof that Romney was the answer. Luckily, we won’t have THAT silliness to listen to…
@Moon-howler
Its been all over the news.
Ihave heard more about it in the past couple days. However, when I first put up the thread, it was mighty quiet….