Avik Roy, writing at The Corner:
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?
So, whaddya say? Just keep spending hand over fist and blame the coming apocalypse on Bush?
WHO’S WITH ME?
I’m with you! Let’s spend like the world’s coming to an end!
If that’s not a self-fulfilling prophecy…
I hope that the world coming to an end is a little more like The Book of Eli and a little less like The Road.
Let’s spend like the world’s coming to an end!
No, that is incorrect. The world will not end.
The proper response here is to “spend like the money is going out of style”.
I hope that the world coming to an end is a little more like The Book of Eli and a little less like The Road.
I’m kinda pulling for The Road Warrior.
I’m just here for the gasoline.
You’re on my list again, Entropy.
Is it the list of people you owe money to?
The list of people you would let sleep with your sister?
List of the coolest people in the known universe?
… it’s not a sex offender list is it?? I swear she told me she was 22!
Obama doesn’t want to spend. He wants to invest .
Duh.
How many times does this have to be explained?
The end of the world is actually going to look like the end of “Roger Rabbit.” with a stuttering pig with a badge saying, “Move along, show’s over, nothing to see here.”
Some men just like to watch the world burn. Tolerance!
It’s so funny you say this, because I sold my wife on my need for a racing sim cockpit by telling her that when the economy collapses, we’ll need to be able to out drive hordes of mutant bikers and a guy in a whirlybird.
Excellent suggestion, Jeff. That just might be my ticket to Skip Barber.
Now I just need a plasma cutter and a welder to cut the trailer apart and get some armor installed on the truck.
By last night’s count, fourteen times, Carin.
I like feet’s name for this little liar more and more every day.
Oh, and just why should the American government be over one hundred trillion dollars upside down? Somebody, anybody? Is it to fuel nasty blog comments on nasty blogs like the nasty pw? I think not, my good friends, I think not.
So what’s the fucking justification? Why is this considered acceptable? Just who does the Ruling Class in this country think we are?
Fools?
This underscored the fantasy-like nature of CBO estimates when given assumptions by congress that strain credulity; garbage in yields garbage out, obviously.
What it does underscore though, is the previous Congress’ assumption that they would be allowing the existing tax rates to expire altogether. A point that should not be neglected when confronted by left’s repeating their mantra, I BLAME BOOOOOOOOOOOSH!
And it might also be useful in providing a segue to revisit Ryan’s pre-repeal-vote discussion on just exactly how the Obamacare numbers were gamed.
Facts that might come in handy in other discussions as well.
It’s so funny you say this, because I sold my wife on my need for a racing sim cockpit by telling her that when the economy collapses, we’ll need to be able to out drive hordes of mutant bikers and a guy in a whirlybird.
I really need to raise my game. All I got was a measly copy of Fallout: New Vegas. Still, it’s listed on my tax forms as an “educational expense.”
“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.”
You are all Illinoisians now.
Meh. I’m gonna have me a ‘lectric car. Who needs gas?
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#11
I’ll lease you what you need, for, say. ammunition?
Later in the day Avik demurred, but elucidates further.
The US is going to have to issue $5 trillion in debt in the next three years. Callin’ it QE3? What about QE-WTF?