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CBO Releases Latest Budget Forecast: Hilarity Ensues

Tyler Durden's picture


We won't spend any time discussing the accuracy of the "impartial" Congressional Budget Office: we already did that in August 2011 when we showed that back in 2001 the CBO forecast total 2011 public debt would be negative $2.4 trillion; instead the real number was positive $10.4 trillion, a delta of only $12.8 trillion. We also won't spend much time on the just released CBO headline grabbing projection that the 2013 budget deficit will be under $1 trillion, or $845 billion to be precise. Instead we will show the progression of the CBO's baseline forecasts for the period 2012 and onward. We will also note that the now-forecast 2013 budget deficit of $845 billion was supposed to be a deficit of just $585 billion one short year ago, a token 40%+ error rate, but in the immortal words of Hillary Clinton: "who cares." Of course we should note that if we apply the same forecast error to the 2013 budget, it means the real final deficit print will be $1.2 trillion - just a tad more realistic. Finally, we will certainly note that while the CBO believes 2013 may see the first sub $1 trillion deficit in 4 years, a number which will decline modestly in the coming years, the deficit then proceeds to grow and grow and grow, until we reach 2024, at which point the US deficit returns to $1 trillion once again... and never gets smaller. And this is the optimistic version.

The chart below shows the progression of the CBO's Optimism in the past 4 years. The black line is the most disturbing one, if not so much for Obama whose second and (for now) final term ends in 2016, then certainly for the unlucky sod who gets to follow in his footsteps.

The epic implosion toward the end of the forecast period can be confirmed by looking at the CBO-forecast annual change in debt held by the public: it drops to just $949 billion in 2013, declines to 2015, then just pulls a Birinyi ruler, and hits $1+ trillion in 2022 and never drops.

What happens next? Well, the CBO did not provide an extended Long-Term Budget outlook beyond 2023 just yet. For that we will have to go back to the last time it did, in June 2012. The summary is shown below. We will merely note that as of this moment, the "Extended Alternative Fiscal Scenario" is the baseline.

We let readers do the math.


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Tue, 02/05/2013 - 15:05 | 3217111 firstdivision
firstdivision's picture

Can anyone point me towards what home price index was released today that is levetating the markets?  MarketWatch is using that as a reason for today's up print.

Tue, 02/05/2013 - 15:07 | 3217115 AlaricBalth
AlaricBalth's picture

Unfunded liability estimates range from $55 - $220 trillion over the next 20 years.
Can't wait to see the printfest which will satisfy those obligations.

Tue, 02/05/2013 - 15:10 | 3217138 centerline
centerline's picture

Reduction in liabilities is more likely what is coming.

Tue, 02/05/2013 - 15:15 | 3217154 TerminalDebt
TerminalDebt's picture

I was led to believe there would be no math.

Where' my foodstamps?

Tue, 02/05/2013 - 15:24 | 3217172 Say What Again
Say What Again's picture

Washington is so out of control its hard to believe their rhetoric if for real.  This is really starting to sound like a second-rate sci-fi movie.

Tue, 02/05/2013 - 15:34 | 3217201 Midas
Midas's picture

Plan 10 from Outer Space?

Tue, 02/05/2013 - 15:46 | 3217251 TruthInSunshine
TruthInSunshine's picture

Choomwagon tax is supposed to provide revenue +387 billion USD annually, which is largely responsible for the offset of the 1.2 trillion as now forecasted by CBO.

Tue, 02/05/2013 - 18:42 | 3217940 smlbizman
smlbizman's picture

 ....when an oppurtunity to gain revenue, on lets say something like... BETTING ON THE SUPERBOWL!!!,.... is ignored by the feds, is it because the only way they know how to collect is at the end of a gun.....or do they just like keeping us in our place.....i bet, from the money raised from their cut of the vig....ospender could send michelle and 5,000 of her closest friends for a weekend at bernies...

Tue, 02/05/2013 - 15:50 | 3217265 gaoptimize
gaoptimize's picture

No, "Phase IV" ( ) with the leftist as the ants.

Tue, 02/05/2013 - 15:26 | 3217184 Poetic injustice
Poetic injustice's picture

Shooting liabilities or sending them to camp or prison, so they work for free?

I believe in second option, as TPTB just love free slave labor.

Tue, 02/05/2013 - 16:24 | 3217395 AGuy
AGuy's picture

Not to worry, The Gov't Bean counters are working on how to divide by zero. Once the math is worked out, The US budget will be smooth sailing until our sun swells into a red giant!


Tue, 02/05/2013 - 15:10 | 3217141 Nothing To See Here
Nothing To See Here's picture

Here here! And can anyone point me to a chart published on this fine site sometime last year, showing the timeline of ECB's intervention in the euro crisis and their effects on markets?

Tue, 02/05/2013 - 15:12 | 3217145 redpill
redpill's picture

I'm turning Japanese

I think I'm turning Japanese

I really think so

Turning Japanese

I think I'm turning Japanese

I really think so

Tue, 02/05/2013 - 15:28 | 3217185 Hippocratic Oaf
Hippocratic Oaf's picture

Fuck yea we're turning Japanese.

See what zero interest rate results in?

Fuck the fed and mark to market you mother fuckers!

You can't save everything!!!!! Let shit fail!!!!!!!

Tue, 02/05/2013 - 15:30 | 3217190 adr
adr's picture

That song was about masturbation.

If we are turning Japanese now, I think it has been rubbed clean off, but at least we'll die happy, right?

Tue, 02/05/2013 - 15:36 | 3217210 Orly
Orly's picture

They say that a stitch in time saves nine.

They say I'd better stop, or I'll go blind...

Ah!  She-bop, she-bop!


Tue, 02/05/2013 - 16:07 | 3217351 Orly
Orly's picture

Not bad, not bad.

Missed it by that much!  The time is coming, though.

And, by the way, I didn't hear you give a counter-offer, so who wore the huevos on that thread, eh?


Tue, 02/05/2013 - 16:19 | 3217374 fuu
fuu's picture

As I have learned over the years that putting your chestnuts in the fire is what gets them burnt, I leave the predictions to the prophets. I just stack.

Tue, 02/05/2013 - 18:03 | 3217809 Orly
Orly's picture

Well, you keep "stacking" and just admit that I was right and have it done with.





And guess what?







Now, anything eltse, Mr. Smarty-Pants?


Tue, 02/05/2013 - 18:12 | 3217838 fuu
fuu's picture

You called 1564 by the end of January, it didn't go there.


But you can go on pretending you weren't, that would be your prerogative. Pretty typical of gurus actually.


Tue, 02/05/2013 - 15:24 | 3217176 NEOSERF
NEOSERF's picture

Will come in at $219T which will be a "beat"...Dow hits 30,000

Tue, 02/05/2013 - 15:46 | 3217253 NotApplicable
NotApplicable's picture

You forgot to add the #winning tag.

Tue, 02/05/2013 - 23:35 | 3218816 Buck Johnson
Buck Johnson's picture

Those people will be dead or out of office when that hits, that is why they don't care.  This whole game is coming to a conclusion that all in govt. and in the media knows will be bad. 

Tue, 02/05/2013 - 15:10 | 3217137 mightycluck
mightycluck's picture

I saw this yesterday. Not sure if this is what you are referring to. But housing is levitating thanks to the Fed.  All others RUN!!!!!

Tue, 02/05/2013 - 15:11 | 3217139 ZippyBananaPants
ZippyBananaPants's picture

The market is up because banks are buying market with 85 billion per month.  no other reason.

Tue, 02/05/2013 - 18:20 | 3217878 ejmoosa
ejmoosa's picture

And that will feed right into the class warfare arguments that Obama will make, as the rich are obviously getting richer.

Tue, 02/05/2013 - 15:37 | 3217213 adr
adr's picture

Well my house just lost $10k in value in one week since my neighbors put thier house up for sale for $10k less than what my home appraised for two months ago.

But yeah, keep believing the home price index lie.

I guess I should have bought in the ghetto. I could have paid $1500 and seen a 300% increase to $4500. WOW!!!! I'D BE RICH BEOTCH!!!!

So the ghetto rises 300% and my home declines 25% in the same time period. The price index would show a percentage rise, but the loss on my home of $28k is a bit larger than the $3,000 gain of the ghetto home.

Reality is a fucking bitch. I use the scenario above whenever an asshole realtor says housing is going gangbusters.

Tue, 02/05/2013 - 15:59 | 3217302 FEDbuster
FEDbuster's picture

Just think when someone flips a house in Detroit that cost them $1. for say $5,000. after a couple grand in repairs?  What does that do to the "numbers"?

Tue, 02/05/2013 - 20:22 | 3218273 Kiwi Pete
Kiwi Pete's picture

Don't count your losses too soon adr. It may well sell above asking price if it is being pitched low. That's a common selling strategy over here anyway.

Tue, 02/05/2013 - 15:39 | 3217226 firstdivision
firstdivision's picture

Fuck Case-Shiller, I'm using this for my investing thesis.


Tue, 02/05/2013 - 15:05 | 3217112 Banksters
Banksters's picture

Don't worry, if the Fed weren't monetizing debt, the buyers for US treasuries and MBS would be endless.  TRIPLE A TRIPLE A


Sarc off.  



Tue, 02/05/2013 - 15:06 | 3217114 koder
koder's picture

Wake me when the EBT cards stop working.

Tue, 02/05/2013 - 15:24 | 3217173 Joe Davola
Joe Davola's picture

Set your alarm for approximately 2 weeks after guns have been confiscated.

Tue, 02/05/2013 - 15:42 | 3217237 Osmium
Osmium's picture

If they want my guns they will need to find them at the bottom of the lake where they were lost in that boating accident. 

Tue, 02/05/2013 - 19:10 | 3218051 nightshiftsucks
nightshiftsucks's picture

If they want my guns they will have to catch all of the lead first,,,,,moving at 1200fps

Tue, 02/05/2013 - 18:23 | 3217890 ejmoosa
ejmoosa's picture

Better be a wind-up alarm.  Because I know that the power will have been cut by that point...

Tue, 02/05/2013 - 15:06 | 3217116 ar01
ar01's picture

The CBO is forecasting ~10% more revenue this year -- where is that coming from exactly? 

Tue, 02/05/2013 - 15:09 | 3217132 blu
blu's picture

The rape and pillage of Canada.

Tue, 02/05/2013 - 15:30 | 3217192 FoeHammer
FoeHammer's picture

Rape and pillage of the World's citizens.

Fixed it for ya!

Tue, 02/05/2013 - 15:24 | 3217178 fuu
fuu's picture

Hookers and blow tax.

Tue, 02/05/2013 - 15:07 | 3217122 blu
blu's picture

They just do it for the lulz.

Planner 1: "Hey I know let's put some random shit in this report and see what those limp dicks at Zerohedge do with it!"

Planner 2: "U mad bro."

Planner 3: "Last time they ripped us a new asshole."

Planner 1: "So what? We're full of assholes around here."

Planner 2: "Okay I did it. They are totally gonna go all WTF??!!11!?OMGbuygold"

Tue, 02/05/2013 - 15:37 | 3217209 FEDbuster
FEDbuster's picture

When you pull numbers out of your ass, a new asshole isn't such a bad thing.  New asshole, new numbers which we call revisions.

Hell Japan went so far to get a new Finance asshole, named Aso.

Tue, 02/05/2013 - 15:40 | 3217234 Orly
Orly's picture

...famous for having said that all old Japanese should just hurry up and die.


Tue, 02/05/2013 - 16:03 | 3217320 FEDbuster
FEDbuster's picture

At least he had the balls to say it outloud.  Here they just wish it and work with DoD and CDC to make it happen.

Tue, 02/05/2013 - 15:07 | 3217123 youngman
youngman's picture

In this case ...the devil really is in the details.....what assumptions did they use???? but it will make the nighttime news...headlines tomorrow...and on the campaign is good when you control the propaganda...and combine that with a politician that can lie with a get what we have...

Tue, 02/05/2013 - 15:07 | 3217128 LongSoupLine
LongSoupLine's picture

I'd call them fucking idiots, but the CBO is simply a group of fucking propagandist crooks.


Fuck you Congress.  fucking fullretard assholes.

Tue, 02/05/2013 - 15:09 | 3217134 Bay of Pigs
Bay of Pigs's picture

Tyler, please don't confuse me with the facts.

Tue, 02/05/2013 - 15:09 | 3217135 thecoloredsky
thecoloredsky's picture

You have to spend money today to save money tomorrow. Am I right?

Tue, 02/05/2013 - 15:17 | 3217158 TerminalDebt
TerminalDebt's picture

The more you spend the more you save

Tue, 02/05/2013 - 15:44 | 3217241 FEDbuster
FEDbuster's picture

"The larger your National Debt, the wealthier you are as a nation."  Rep. Pete Stark

Tue, 02/05/2013 - 19:16 | 3218069 nightshiftsucks
nightshiftsucks's picture

Thank god that asshole didn't get re elected,he ran in my district and the choice was old dick smoking demo(Stark) or some young demo who's already being bought off by the contractors. What a choice that was,do I cut my hands off or my penis.

Tue, 02/05/2013 - 16:05 | 3217339 CH1
CH1's picture

Amen, bro!

Print now to save later! Shit yeah!!

Tue, 02/05/2013 - 15:14 | 3217151 Nothing To See Here
Nothing To See Here's picture

As Papanderou said in 2010, this country's debt is nowhere near default!

Tue, 02/05/2013 - 15:25 | 3217179 nantucket
nantucket's picture

government forecast.  too funny.  worthless as hen shit on a pump handle.

Tue, 02/05/2013 - 15:49 | 3217262 NotApplicable
NotApplicable's picture

Isn't that a security feature?

Tue, 02/05/2013 - 15:26 | 3217183 trillion_dollar...
trillion_dollar_deficit's picture

Projected growth between 2015-2018 is 3.6%. 

All while the Fed attempts the greatest balance sheet unwind in the history of western civilization.  

Tue, 02/05/2013 - 15:50 | 3217267 NotApplicable
NotApplicable's picture

They will never unwind. The closest they might come is to start marking shit down in order to make it appear that way.

Tue, 02/05/2013 - 15:29 | 3217188 Big Ben
Big Ben's picture

The CBO is using a rose colored crystal ball. The "Extended Alternative Fiscal Scenario" is actually an optimistic best case scenario.

But no worries! Bernanke is good for it.

Tue, 02/05/2013 - 15:30 | 3217191 Sudden Debt
Sudden Debt's picture

Actually... pig do fly and hell froze over... so why wouldn't this be possible?

Tue, 02/05/2013 - 15:30 | 3217193 Jason T
Jason T's picture

 but in the immortal words of Hillary Clinton: "who cares."  


love that! 

Tue, 02/05/2013 - 16:03 | 3217326 NotApplicable
NotApplicable's picture

Looking at comments on HuffPo, et al., I'd say it worked like a charm. 2.0

Tue, 02/05/2013 - 16:05 | 3217334 FEDbuster
FEDbuster's picture

That should be her campaign motto in 2016, "Hillary 2016, Who Cares?"

Tue, 02/05/2013 - 17:51 | 3217667 are we there yet
are we there yet's picture

Hmmmm..... hope and change, who cares   ......... good cleche

Tue, 02/05/2013 - 16:38 | 3217452 Just Ice
Just Ice's picture

Family member of Benghazi victim:  What happened, how did our loved one end up dead?

Hillary:  What does it matter?!!  They're still just as dead so who cares!!


Yeah, baby...

Tue, 02/05/2013 - 15:31 | 3217194 forwardho
forwardho's picture

It would seem that the CBO expects a massive drop in "unfunded liabilities" around June 2015.

Where will all those people go?

Tue, 02/05/2013 - 15:36 | 3217211 ebworthen
ebworthen's picture

Soylent Green.

Their bones ground up to condition soil on corn for ethanol farms.

Tue, 02/05/2013 - 15:37 | 3217216 MyBrothersKeeper
MyBrothersKeeper's picture

Selectively targeted deadly epidemics?

Tue, 02/05/2013 - 17:06 | 3217589 Walt D.
Walt D.'s picture

.. defined away?

Tue, 02/05/2013 - 15:35 | 3217204 MyBrothersKeeper
MyBrothersKeeper's picture

I see no way that the deficit stays under a trillion.  Math hasn't been a strongpoint by anyone in Washington in a long time.  If they really think it's possible to spend our way to prosperity why don't they give checks to every household in America vs all the crony capitalism?  The 16T in debt would have given every citizen over 50k or 200k per house of 4.  At least they could have paid off debt, fixed up their house and taken a decent vacation. Instead we have zero to show for it and it doesn't even include the expanded Fed balance sheet.

People will say "the stock market is up".  In reality it still isn't back to the Oct 2007 level (S&P 500).

Tue, 02/05/2013 - 15:53 | 3217275 NotApplicable
NotApplicable's picture

Give money to people who would never use it to buy drones? LOL

Tue, 02/05/2013 - 16:02 | 3217318 secret_sam
secret_sam's picture

We should maybe start paying attention if it ever reaches the Spring 2000 highs.

Tue, 02/05/2013 - 15:47 | 3217212 IridiumRebel
IridiumRebel's picture
Tue, 02/05/2013 - 15:47 | 3217258 IridiumRebel
IridiumRebel's picture

Highest Monthly Inflation Rates in History


Hungary July 1946 1.30 x 1016% 195% 15.6 hours
Zimbabwe Mid-November 2008 (latest measurable) 79,600,000,000% 98.0% 24.7 hours
Yugoslavia January 1994 313,000,000% 64.6% 1.4 days
Germany October 1923 29,500% 20.9% 3.7 days
Greece November 1944 11,300% 17.1% 4.5 days
USA May 2019 879,98,734,756,243,922,344,210% 2313.4% 5.6 hours

Tue, 02/05/2013 - 16:07 | 3217352 FEDbuster
FEDbuster's picture

2019? Optimist! 

Tue, 02/05/2013 - 15:38 | 3217219 JR
JR's picture

This little pamphlet sold 10 for $1.00; 100 for $3.00 in 1978. Here it is – free.

INFLATION in One Page by Henry Hazlitt

Cause and Cure of Inflation

1. Inflation is an increase in the quantity of money and credit. Its chief consequence is soaring prices. Therefore inflation—if we misuse the term to mean the rising prices themselves—is caused solely by printing more money. For this the government’s monetary policies are entirely responsible.

2. The most frequent reason for printing more money is the existence of an unbalanced budget. Unbalanced budgets are caused by extravagant expenditures which the government is unwilling or unable to pay for by raising corresponding tax revenues. The excessive expen­ditures are mainly the result of government efforts to redistribute wealth and income—in short, to force the productive to support the unproductive. This erodes the working incentives of both the productive and the unpro­ductive.

3. The causes of inflation are not, as so often said, “multiple and complex,” but simply the result of printing too much money. There is no such thing as “cost-push” inflation. If, without an increase in the stock of money, wage or other costs are forced up, and producers try to pass these costs along by raising their selling prices, most of them will merely sell fewer goods. The result will be reduced output and loss of jobs. Higher costs can only be passed along in higher selling prices when consumers have more money to pay the higher prices.

4. Price controls cannot stop or slow down inflation. They always do harm. Price controls simply squeeze or wipe out profit margins, disrupt production, and lead to bottlenecks and shortages. All government price and wage control, or even “monitoring,” is merely an attempt by the politicians to shift the blame for inflation on to producers and sellers instead of their own monetary policies.

5. Prolonged inflation never “stimulates” the economy. On the contrary, it unbalances, disrupts, and misdirects production and employment. Unemployment is mainly caused by excessive wage rates in some industries, brought about either by extortionate union demands, by minimum wage laws (which keep teenagers and the unskilled out of jobs), or by prolonged and over-generous unemployment insurance.

6. To avoid irreparable damage, the budget must be balanced at the earliest possible moment, and not in some sweet by-and-by. Balance must be brought about by slashing reckless spending, and not by increasing a tax burden that is already undermining incentives and pro­duction.

Tue, 02/05/2013 - 16:06 | 3217335 secret_sam
secret_sam's picture

     The excessive expen­ditures are mainly the result of government efforts to redistribute wealth and income—in short, to force the productive to support the unproductive.

But we've mostly bought into the idea that we NEED Boeing and the airlines and CAT and Bank of America or things will go badly for us.

And GM.

And Raytheon.

And a million unemployable servicemembers.

And...oh, nevermind.

Tue, 02/05/2013 - 20:48 | 3218335 ZeroAvatar
ZeroAvatar's picture

JR: To avoid irreparable damage, the budget must be balanced at the earliest possible moment, and not in some sweet by-and-by.


".........some sweet by-and-by".          Laughing my ass off............had to log in.  On sabbatical! (Gotta Get Away!)

Wed, 02/06/2013 - 00:08 | 3218924 JR
JR's picture

Well, it does seem like eternity…   Congress apparently took Hazlitt literally and chose it as an option.  Poor Hazlitt; even he overestimated Congress. Laughter is the best medicine even when you're crying. As Tyler says, hilarity ensues. Happy sabbatical, ZA. You'll find lots of company here on Zero Hedge. :-)

Tue, 02/05/2013 - 15:38 | 3217222 ebworthen
ebworthen's picture


It isn't possible to say it too much.

This nation has become a PONZI.

The government, judiciary, media; the entire sodiety.


Tue, 02/05/2013 - 15:47 | 3217257 Mi Naem
Mi Naem's picture

I don't think poor lil' ol' Ponzi could even imagine the official criminality that passes for budgeting and fiscal management today.  In fact, he'd quite rightly be miffed that they put him in jail then, but now people continue to re-elect the muggers of our children's future. 

Tue, 02/05/2013 - 15:54 | 3217282 NotApplicable
NotApplicable's picture

So, you're saying then, that his only mistake was not running for office?

Silly Ponzi schemer.

Tue, 02/05/2013 - 15:46 | 3217252 thismarketisrigged
thismarketisrigged's picture

this market makes me want to puke.


take a stock like BAC for example. yesterday down 2 plus percent, a day later, not only has it gained all its losses back, its fucking up another 2 percent on top of that.


this shit is so unreal and rigged, i want to punch someone. fuck u bankers and wall st, u fucking thieves

Tue, 02/05/2013 - 15:53 | 3217277 adr
adr's picture

Thank god for EBT, I mean without the easily filled plastic cards the MSM might be forced to report on the real situtation after roaming gangs of cannibals start showing up in every city.

Of course after decades of fattening up the poor, the might be pretty tasty. Probably not healthy, but tasty. If you think about eating a poor person from Nairobi, they are probably pretty gamey and stringly. Not the kind of meat Americans are used to.

But American EBT poor, now they have been fattened up and lives of absolute inactivity has probably produced impeccable marbling. Rivaling Japanese beef. I'm sure $250 per plate NY restaurateures are salivating at the concept.

Of course you just can't put "Human" on the menu. You need something catchy. I'm thinking Kobe Sapien, sounds good, no? Of course there would be different grades. Midle class America will be so emaciated, they would just be ground up for feed. The true prize will be the Detroit Sapien. 320lbs average of prime perfectly marbled meat. Lesser breeds could be found in Cleveland, Oakland, and St. Louis. Of course the Kobe designation will be reserved for Sapiens from the District of Columbia. Reserved for politicians and NY bankers.

Tue, 02/05/2013 - 15:59 | 3217303 NotApplicable
NotApplicable's picture

Most long pig will contain too many AGEs.

So they'll only be fed to the poor themselves, in an effort to keep the bio-accumulation effects properly targeted.

Tue, 02/05/2013 - 16:08 | 3217356 secret_sam
secret_sam's picture

Nothing over 2 years old is worth eating.  But if you want to make the case for disposal of unused infants, you might have a decent idea there.

But then who'll pay for our Medicare?

Tue, 02/05/2013 - 17:20 | 3217463 are we there yet
are we there yet's picture

Charlize Theron is over 2 years old

edible to some people. 

Tue, 02/05/2013 - 20:29 | 3218290 secret_sam
secret_sam's picture

I doubt you can compete with Christina Ricci when it comes to that sort of thing.

Tue, 02/05/2013 - 16:22 | 3217389 JR
JR's picture

I passed three of these free roaming EBT Sapiens slowly grazing though WalMart yesterday –  a 300-lb mother with 300-lb daughter and little waddling Sapien clutching a $4.79 bag of potato chips.

A sad, sad symbol, indeed, adr, of socialized welfare: An EBT card paid for by those engaged in individual liberty joined to personal responsibility to those enamored with freedom from responsibility leading to loss of liberty for all. A lose-lose all around.

Tue, 02/05/2013 - 20:44 | 3218326 ZeroAvatar
ZeroAvatar's picture

adr: " The true prize will be the Detroit Sapien. 320lbs average of prime perfectly marbled meat. Lesser breeds could be found in Cleveland, Oakland, and St. Louis"


I prefer WHITE meat.

Tue, 02/05/2013 - 16:07 | 3217348 IridiumRebel
IridiumRebel's picture

I am sure they are thinking of every possibility.....

Tue, 02/05/2013 - 16:09 | 3217360 IamtheREALmario
IamtheREALmario's picture

Who cares?

Only the people who do not know what the future holds.

Tue, 02/05/2013 - 16:29 | 3217415 Dr. Engali
Dr. Engali's picture

Budget? How can they do a budget forecast when we haven't had a budget inyears?

Tue, 02/05/2013 - 16:31 | 3217426 are we there yet
are we there yet's picture

The problem is Greece, California, the entire US, the entire EU, ie. everone else, is running out of other peoples money. And now it is getting harder and harder for politicans to make empty promises that are credable.  But they are trying, like a room of drug addicts fighting rehab.

Tue, 02/05/2013 - 16:34 | 3217441 alfred b.
alfred b.'s picture


     Rose-colored glasses for everyone!

          Fixed ??


Tue, 02/05/2013 - 16:43 | 3217484 Nobody For President
Nobody For President's picture

You would think those numbers might be swayed by politics, until you realize the CBO is staffed by highly dedicated and trained economists and stataticians devoted to truth, justice, and the American way.

Tue, 02/05/2013 - 18:17 | 3217864 JR
JR's picture

Your dose of sarcasm is well-administered. There is no forum today in America's controlled mainstream press and/or banker-controlled government and universities for an economist such as a Henry Hazlitt who have an affinity for honesty and a concern for the welfare of the nation and the economic liberty of the people. Today's financial pressrooms have connecting doors to the economists at the Harvards and London School of Economics that are dominated by quasi-collectivists, i.e., paid shills for the international bankers and their liberal Establishment -- all in favor of welfarist collectivism on a worldwide basis.

None champion Ludwig von Mises's premise that the basic economic unit of society is the individual.

Tue, 02/05/2013 - 16:59 | 3217556 sunnyside
sunnyside's picture

Just got my health insrance notice in the mail.  Rate only going up 12.2% this year.  Should I feel lucky?  I don't.  I feel shit upon knowing that I cannot pass that on to my clients.  I guess I can budget for the year now.


Tue, 02/05/2013 - 18:53 | 3217980 JR
JR's picture

Ironic, isn't it, that as Hans Sennholz once pointed out, government spending "continues to draw its political strength from a loud concern for the poor and undersprivileged" while it depends for all the expensive benefits that it bestows "entirely on its ability to extract the means from its subjects. It must find victims in order to satisfy the clamor..."

I understand your anguish. "It takes great political courage," sa Sennholz says, "to confront the root of the evil: the appetite for government services and benefits." Most Americans, he said, "would not be asking for social programs if they were expecting to cover the costs in proportion to the benefits.

"Their call for benefits is an implicit demand that the financial means be seized from others."

Well, the "means" are no longer there. Seriously, this is where the rubber meets the road. We fix the economy and renounce the endeavors of Obama's supporters to get "their fair share" or the entire system collapses in Serfdom. The money, the value, is no longer there. It's that simple.

Tue, 02/05/2013 - 19:31 | 3218132 are we there yet
are we there yet's picture

If only Marie Antoniette had had tweenkies she could have said let them eat tweenkies.

Tue, 02/05/2013 - 17:03 | 3217575 ptoemmes
ptoemmes's picture

CBO graphologist caught in the act:

Tue, 02/05/2013 - 19:25 | 3217719 are we there yet
are we there yet's picture

I just traided two toxic cats worth a million dollars for one healty stray dog worth 2.1 million dollars so I made a taxable profit of $100,000 for a tax of $35,000. ....  and I have a trillion dollar hamster for retirement. Life is good.... Oops, time to watch MSNBC news and  watch the happy but entertaining factual report of the world today.

Tue, 02/05/2013 - 18:56 | 3217989 Mad Muppet
Mad Muppet's picture

Obviously there was a typo. that chart was for unfunded liabilities, not defecits. Not to worry, someone will be reprimanded for this screw-up. Just remember, housing is surging, unemployment is falling and BTFD.

Tue, 02/05/2013 - 23:40 | 3218838 Lord Of Finance
Lord Of Finance's picture

No need to worry, this is gonna be a winner. Things are gonna change I can feel it.

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