The Congressional Budget Office has released its assessment of President Obama's budget, and the results aren't pretty. According the analysis, deficits in the next decade will be worse than what the White House has projected, much higher than they would be if we were to follow current law, and even higher than what CBO had forecast last year. Between 2011 and 2020, the nation will accumulate $9.8 trillion in deficits as a under the Obama budget, according to the CBO, ending the decade with $20.3 trillion in public debt, which translates into a staggering 90 percent of gross domestic product...
(Reuters) - After a growth spurt at the end of 2009, the U.S. economy will slow in the months ahead, keeping the Federal Reserve from raising borrowing costs until the final three months of the year, a Reuters poll showed. The survey of over 70 economists suggests U.S. gross domestic product will grow at a 2.6 percent annualized rate between January and March, less than half the pace of the fourth quarter of 2009, when it expanded at a 5.9 percent rate. For all of 2009, the world's biggest economy contracted by 2.4 percent, but the poll predicts it will...
Greece this past weekend saw the worst rioting since the debt crisis began. After Athens had announced new tax hikes and budget cuts to reduce a deficit of 13 percent of gross domestic product, mobs drove guards from Greece's Tomb of the Unknown Soldier and attacked police. In our own country, students, teachers and administrators at UC-Berkeley held a "Strike and Day of Action to Defend Education" to demand more money from taxpayers -- for themselves. How badly are they suffering? According to Peter Robinson of Hoover Institution, California spends $13,000 per student in the state system, compared to $6,000...
By Irwin Kellner, MarketWatch PORT WASHINGTON, N.Y. (MarketWatch) -- The fledgling economic recovery appears to be running out of gas. The fuel for this or any other recovery has to come from the consumer. Purchases of goods and services by people like you and me account for about 70% of gross domestic product, so without our help a recovery could not last too long. Guess what? This is exactly what seems to be happening. Retailers report that, for the most part, shoppers are few and far between. The recent run of economic data is most compelling. Just about all of...
The federal deficit would hit $1.5 trillion in 2010 under President Barack Obama's proposals, the Congressional Budget Office (CBO) projected Friday. The nonpartisan budget office said it projected a deficit measuring 10.3 percent of gross domestic product (GDP) this year, and a $1.3 trillion deficit in 2011 that would measure 8.9 percent of next year's GDP.
WASHINGTON (AFP) – US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday. Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output. But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP. The CBO expects a deficit "1.2 trillion dollars greater over the 2011-2020 period than what the administration anticipates under the president?s budget," CBO director Douglas Elmendorf...
President Barack Obama’s budget proposal would generate bigger deficits than advertised each year for the next decade, with the 10-year shortfall totaling $1.2 trillion more than the administration estimated, according to the Congressional Budget Office. The nonpartisan CBO, in an annual analysis of the White House budget proposal, said today that under Obama’s plan deficits would never shrink below 4 percent of the economy between now and 2020. The cumulative deficits would total $9.76 trillion, and debt held by the public would amount to 90 percent of the nation’s gross domestic product by 2020, the CBO said. By 2020, the...
The federal deficit would hit $1.5 trillion in 2010 under President Barack Obama's proposals, the Congressional Budget Office (CBO) projected Friday. The nonpartisan budget office said it projected a deficit measuring 10.3 percent of gross domestic product (GDP) this year, and a $1.3 trillion deficit in 2011 that would measure 8.9 percent of next year's GDP.
The deficit for last year was $1.4 trillion. The deficit rose as a share of the gross domestic product from 3.1 percent in 2008 to 9.9 percent in 2009, the highest deficit as a share of GDP since 1945. The projected deficit for the fiscal year that ends in September is another $1.3 trillion. So much for all that fiscal sanity blather from Team Obama in '08. How dishonest. Even worse, there's a good reason to stay pessimistic about deficits as far as the eye can see. It's called the "news" media. Legislators who want to get re-elected will clearly...
Billionaire Warren Buffett says health care costs are a major drain on U.S. businesses and act like an "economic tape worm." The head of the holding company Berkshire Hathaway Inc. said Monday on CNBC that America's health care system needs fundamental reform to attack costs because it's not practical to continue devoting roughly 17 percent of the nation's gross domestic product to health care.
Wednesday, March 10, 2010
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