Tuesday, March 30, 2010

CBO: Budget Outlook For Next Decade Has Gone From A Surplus To A $7.4 Trillion Deficit

But I’m not sure this projection represents change in our economic position so much as the government prognosticators are, increasingly, being forced by reality to set aside Obama’s rosy economic projections based more on what the liberals want to be true than reality.

Many Americans know the deficit has exploded this year. What may be less well-known is that the problem is not confined to this year or next, but stretches out at least a decade and represents a historic, multi-trillion-dollar change in the country’s fiscal fortunes.

CNBC, working with the Congressional Budget Office, found that the 10-year outlook for the nation’s deficit has deteriorated by almost $8 trillion. In effect, every man, woman and child in the United States has taken on an extra $25,000 in debt, CNBC has learned.

Comparing the CBO’s outlook in 2008 to the current forecast, CNBC found that what was once a projected $247 billion surplus for the years 2009 through 2018, is now an estimated $7.4 trillion deficit.

Meanwhile, Democrat-led efforts to government-spend our way into prosperity continue.

Hope for change.