The Congressional Budget Office recently released a report that contains their outlook for the next decade. The report is entitled "The Budget and Economic Outlook: Fiscal Years 2013 to 2023", and if you want a good laugh you should read it.
Here are some of the things that the CBO believes will happen...
-The CBO believes that government revenues will more than double by 2023.
-The CBO believes that government revenue as a percentage of GDP will rise from 15.8 percent today to 19.1 percent in 2023.
-The CBO believes that the unemployment rate will continually fall over the next decade.
-The CBO believes that the federal budget deficit will fall to just 2.4% of GDP in fiscal year 2015.
-The CBO believes that the federal budget deficit will only be $430 billion in 2015.
-The CBO believes that we will not have a single recession over the next decade.
-The CBO believes that inflation will stay at about 2 percent for the next decade.
-The CBO believes that U.S. GDP will grow by a total of 67 percent by 2023.
Wow, all of that sounds great until you go back and take a look at how CBO projections have fared in the past.
In fact, Bruce Krasting has gone back and looked at the numbers from the Congressional Budget Office’s Budget and Economic Outlook 2003. I think that you will find the differences between the CBO projections and what really happened to be very humorous...
Estimated 10-year budget surplus = $5.6T.
Reality = $6.6T deficit. A 200+% miss.
Estimate for 2012 Debt Held by Public = $1.2T (5% of GDP).
Reality = Debt Held by Public = $11.6T. A 1000% miss.
Mr.phil2u : You either made that story up or just copied it from somewhere else. Ive heard variations of the same story too many times.
You are not aware that the old federal pension employees do not get SS, so you outed your own story as fiction.
Hey, you righties are pro-Pentagon. I wonder how you feel about the sad fact that the US military is the most perfect example of cradle to grave socialism anywhere on earth. Free food, free pentagon schools, free housing, free pension and medical care for life. The Pentagon tells them where to live, what to do, who to obey, and how much they are allowed to weight.
How is it you are so interested in the pay and pensions of firefighters and school teachers but Pentagon socialism doesnt bother you?
pgh down 3-5% on erf reporting and pgh down another 3-5% when it reports =pgh around 4.00. excluding if the markets picks up here which europe isnt supporting here when the major european markets are down 1-2% a day.. but we'll see.
every curious to see if i can get shares of pgh here at $4 very soon.
that kind of reaction is EXACTLY what ackman wants. why not sell some calls? or buy a little more? i am sticking with icahn. he wants blood and so do i.-jmho-bucko
I'm jumping in with a small position.. Hope my limit order below .80 fills tomorrow.
Lots to like about CRRS, but i am Impressed with managements consistent remarks about giving value to share holders. Its in almost every PR. It gives me assurance the priorities are in line. Too many companies take this for granted. I hope they can execute and continue to meet raised guidance.
a very good presentation re: Cirrus by Bleeker. now all we need is an improvement in the I.Q. of some of the investors we have in todays (2013) trading. I am afraid we have an abundance of shoot from the hip traders who lack the a real understanding of how it all works. it seems as though lies, faksehood, B.S. continure to dominate in this market. as I have done previously, I will wait this one out also.
Sentiment: Strong Buy
That was a sham deal where they basically put a splash of tallow in petroleum diesel to get a tax credit. The loophole in the law was closed and the partnership went away.