CBO v. Obama Administration: Which Deficit Numbers To Use?
The Congressional Budget Office is forecasting federal budget deficits over the next decade of $9.3 trillion. The Obama Administration is forecasting deficits of about $7 trillion. Does it make a real difference considering the size of the numbers? If so, which numbers should be used for budget and tax planning purposes?
CBO is nonpartisan, right? Unless there’s a record of poor accuracy/analysis, I’d go with the nonpartisans over the partisans (no matter the party) every time.
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I found This interesting when talking about the number Trillion. It provides a good prospective on just how large of a number it really is.
The U.S. government spends more than the entire Gross Domestic Product (GDP) of Australia, China and Spain combined. If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times before you ran out of dollar bills! One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills.
And This provides a visual prospective of what a Trillion dollars would look like.
“A Trillion here, a trillion there, and after a while you start talking about a lot of money.”
I don’t think it matters. It’s going to be what it is.
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... Does it make a real difference considering the size of the numbers? ....
Yeah it makes a difference. You have to pay all those printers at the mint all that extra overtime.
“A man who’s not a liberal when he’s twenty has no heart. A man who’s not a conservative when he’s 40 has no brain.” - Winston Churchill