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CBO Budget Outlook By The Numbers

- June 22, 2011

THE NUMBERS DON’T LIE, OBAMA’S LACK OF FISCAL LEADERSHIP 
HAS US HEADED TOWARD A CLIFF 

$11,300:

Negative Effect Of Debt On Gross National Product Per Person In 2035. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

2060:

Year Federal Spending Will Reach 50 Percent Of GDP. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

2037:

Year That Federal Debt Will Reach 200 Percent Of GDP. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

101%:

Federal Debt Held By The Public As Share Of GDP In 2021. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

70%:

Federal Debt Held By The Public As Share Of GDP By End Of The Year. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

25.9%:

Federal Spending As A Share Of GDP By 2021. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

18%:

Amount GNP Would Be Lowered Due To Debt’s Effect On Economic Growth By 2035. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

8.4%:

Average Unemployment Rate Projected For 2012. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

4.4%:

Share Of GDP That Interest On The Debt Will Consume In 2021. (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

The CBO’s Report Understates The Long-Term Budget Problem Because They Do Not “Include The Impact Of Higher Tax Rates On People’s Incentives To Work And Save.” “CBO’s projections in most of this report understate the severity of the long-term budget problem because they do not incorporate the negative effects that additional federal debt would have on the economy, nor do they include the impact of higher tax rates on people’s incentives to work and save.” (“CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office, 6/22/11)

CBO Director Douglas Elmendorf: Growing Debt Increases Risk Of “Sudden Fiscal Crisis.” “Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates.” (Douglas Elmendorf, “CBO’s 2011 Long-Term Budget Outlook,” Congressional Budget Office “Director’s Blog”, 6/22/11)


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