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So Now What’s Going On At The CBO? (Updated)

Update: 2 More E-Mails

I’ve been monitoring the activity at the CBO (Congressional Budget Office) for a little over two years now.  It’s a great way to know what legislation is coming down the pike in Congress.  I highly recommend that you sign up for their e-mail list.

CBO - 01

Yesterday was a banner day.  I received four six different e-mails from the CBO with a total of twenty-four thirty-two different documents (four twelve were duplicates).  I’ve never received that many documents from the CBO let alone four six different e-mails.  Were we not buried in an avalanche of Obama scandals, I would likely ignore the avalanche of e-mails.  But, in the current environment, it got my attention.

A couple of items stood out (links are below):

  • The Budget Baseline
  • The Supplemental Security Income
  • Medicare Baseline
  • Medicaid Baseline

Scariest is the Budget Baseline which shows that by the 2023, our gross Federal Debt will be over $25,000,000,000,000… …another $9 Trillion in Federal Debt.  This cannot be allowed to happen!

It’s been said that “Disability” is the fastest growing employment sector under the Obama administration.  This expenditure stays static at about a $1 Trillion per year over the next 10 years.  Yes, we will be spending $10 Trillion of our General Tax Revenues to help ‘Disabled’ people… …some who need it… …and (I suspect) most like the ones I saw dancing and smoking pot in Illinois a few months ago.

For Medicare, the next 10 years sees mandatory outlays doubling from $549 Billion to $1062 Billion ($1.062 Trillion) per year.  Yes, I know you’ve paid for Medicare; so have I.  But, have you paid into Medicare the same amount that you’ve taken out?!?  For both SSOAI and Medicare, receivers should first be provided with the balance of their account… …the amount they paid in less expenses.

And finally, for Medicaid, the next 10 years sees outlays double from $251 Billion to $554 Billion per year.  The DSH (Disproportionate Share Hospital) amount goes from $10 Billion to $13 Billion… …you know that horrible thing where people go to hospitals when they don’t have insurance and the government has to pay for them so we need to have the government fix the $10 Billion problem by taking over the entire healthcare system to the tune of $2 Trillion… …that DSH.

BOY! That’s a big document dump on the same day the IRS, Benghazi, Kermit Gosnell, Fast and Furious, and AP scandals hit a fever pitch.  I’m glad I’m not a conspiracy theorist, or the black helicopters would be circling…

SQUIRREL!!

New from CBO

New from CBO

New from CBO

New from CBO

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More e-mails found after original blog post publication…

New from CBO

New from CBO

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Posted by on May 15, 2013 in Congress, Obama, Taxes

 

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CBO 2011 Budget Infographic

Out. Of. Control.

 
 

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TARP, TARP Redux, TARPTrois

Version 1:

  • TARP isn’t going to cost the taxpayers anything.  As a matter of fact, the US Taxpayer will make money from this program

Version 2:

  • TARP is going to cost money, but it’s only $15 Billion.  But it saved or created lots of jobs and didn’t cost as much as it could have and if we hadn’t done it we would have had the Great Great Great Great Great Great Great Great Great Depression

Version 3 (out this week)

  • TARP is now going to cost at least $34 Billion and we hope that it won’t cost much more

Below is a graphic from the CBO detailing just how much money the taxpayer made lost in the TARP fiasco.  The program that saved us… ….socialized bank losses after giving billions in bonuses to their elite, has yet to see one person go to jail after costing taxpayers $5 Trillion in investments, and is on track to cost taxpayers at least $34 Billion instead of the purported ‘money made’.

Here is part of a graphic from the CBO describing the current status of the TARP.  Click on the image to view the entire graphic:

Here is the report on the status of TARP.

 
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Posted by on December 22, 2011 in Communism, Economy

 

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Class Warfare

I received my regular e-mail from the Congressional Budget Office(CBO) with today’s list of bills that have been scored for cost and affect on deficit.

One of the bills today is the Cost Estimate for S. 1944, Middle Class Tax Cut Act of 2011.  According to the analysis, the affect on the Budget Deficit is negligible.

The problem is the name.  If you are a conservative, you NEVER vote for something called “Middle Class”.  Why?  You don’t believe in classes; that’s why!

I don’t care what the bill does, if you vote for it, you support Class Warfare!  Simple.

h/t creators.com

 
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Posted by on December 7, 2011 in Taxes

 

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CBO Monthly Budget Review (04/2011)

I receive weekly/monthly e-mails from the Congressional Budget Office which is widely acclaimed to provide and unbiased view of the costs of bills and income to the government.  Except… …they are constantly wrong.

In the summary statement in today’s e-mail:

CBO Monthly Budget Review: Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April

The federal government incurred a budget deficit of $871 billion in the first seven months of fiscal year 2011, CBO estimates. That year-to-date total is roughly $70 billion more than the deficit incurred in the same period in 2010. Both outlays and revenues are about 9 percent higher they were last year at this time. With the completion of the spring tax-filing season, receipts of individual income taxes have been significantly greater than CBO anticipated.

That’s $871,000,000,000 deficit in the first seven months of 2011.  It’s another Federal Stimulus Bill in my book, yet the economy languishes.  It also means that, given the continued level of spending, the 2011 deficit will be $1.491 Trillion Dollars — money taken for the selfishness of today that will enslave generations future.

h/t http://economistmom.com

“…than CBO anticipated” can be added to everything CBO has done.  The cost of every bill is higher than CBO anticipated. Cost of Government is higher than CBO anticipated.  Tax receipts were higher/lower higher than CBO anticipated.  Maybe CBO should double what they anticipate and get in the ballpark for what’s going on!

But, one clear benefit of these CBO E-mails is that they give me a heads up of what’s coming down the pike regarding Congressional Legislation.  Such as…

Cost Estimate for S. 710, Hazardous Waste Electronic Manifest Establishment Act

Cost estimate for the bill as ordered reported by the Senate Committee on Environment and Public Works on April 15, 2011

Go to cbo.gov and sign up for these e-mails to stay better informed!

 
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Posted by on May 10, 2011 in Congress, Taxes

 

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(Illegal Im)Migrant Remittances

From the CBO today, we have a document on Migrant Remittances …

“Migrants’ remittances—payments sent by foreign-born workers back to their home country—have become a significant source of monetary inflows for many countries. In 2009, such remittances from the United States to other countries totaled more than $48 billion, nearly 30 percent more in inflation-adjusted terms than they were in 2000. People in Mexico receive more of the remittances sent from the United States than do residents of any other country.”

“This document updates and expands upon the Congressional Budget Office’s (CBO’s) May 2005 publication Remittances: International Payments by Migrants. That paper included data through 2003; this document includes data through 2009. The existing data on global remittances are not of very high quality, however, and the comparisons and trends reported here should be viewed only as approximations.”

Of course, the CBO does not give us any indication of how many of the transfers were made by Illegal (Unauthorized) Immigrants.  However, they did take the opportunity to make the Illegals look good by noting that 83% of them sent remittances back to their home country versus only 73% of those who are legal or naturalized.

To know that number, they obviously had the number of illegal immigrants available and chose not to report it.

Surprised? No.

 
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Posted by on February 25, 2011 in Illegal Immigration

 

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It’s The Glasses, Stupid

If you wonder why the Federal Government can’t seem to contain spending, it must be the rose-colored glasses being donned at the CBO.  The Federal Debt has increased every year since 1968.  Put another way, we haven’t paid off $1.00 of our National Debt since 1968.

But, last week, the CBO Released a document entitled “The Budget and Economic Outlook: Fiscal Years 2011 to 2021” containing information on projected tax revenues and budgets… …and thus the budget deficit.  Here are the projected tax revenues:

Year Tax $ Increase
2010 2162 N/A
2011 2228 3.05%
2012 2555 14.68%
2013 3090 20.94%
2014 3442 11.39%
2015 3651 6.07%
2016 3832 4.96%
2017 4075 6.34%
2018 4275 4.91%
2019 4489 5.01%
2020 4712 4.97%
2021 4963 5.33%
Average 7.97%

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What struck me immediately was the wildly speculative increase in Tax Revenues in 2013 and over the entirety of the projection.  I would think a 6% increase in tax revenues to be unrealistic, but a 20% increase in 2013?

I’m not the smartest guy in the world, but if I go to my boss and tell him in two years that we are going to increase productivity, output, or any other measure by a sudden 20%, he’s going to laugh me out of the office.

Even so, the CBO is projecting the average increase per year over the next 10 years to be ~ 8%.  During Clinton’s supposed heyday years of (non-existent) balanced budgets, the Tax Revenue increase  (1990 – 2000  multi-year average) never exceeded 7%.  Only ONE year-over-year increase exceeded 10%

Year Revenues Pct Increase Avg Pct Increase
1990 1031.96
1991 1054.99 2.23%
1992 1091.21 3.43% 2.83%
1993 1154.34 5.79% 3.82%
1994 1258.57 9.03% 5.12%
1995 1351.79 7.41% 5.58%
1996 1453.05 7.49% 5.90%
1997 1579.23 8.68% 6.29%
1998 1721.73 9.02% 6.64%
1999 1827.45 6.14% 6.58%
2000 2025.19 10.82% 7.00%
2001 1991.08 -1.68% 6.21%
2002 1853.14 -6.93% 5.12%
2003 1782.31 -3.82% 4.43%
2004 1880.11 5.49% 4.51%
2005 2153.61 14.55% 5.18%
2006 2406.87 11.76% 5.59%
2007 2567.98 6.69% 5.65%
2008 2523.99 -1.71% 5.24%
2009 2104.99 -16.60% 4.09%
2010 2162.72 2.74% 4.03%
Average 4.03%

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Starting from the land of unicorns and rainbow farts in estimating tax revenues does not do any service to the country.  The CBO may be non-partisan, but they’re also wearing rose-colored glasses!

 
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Posted by on February 14, 2011 in Balanced Budget

 

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