Quote:
Originally Posted by ilnjscb
2001: The national debt will be repaid within a decade
In 2001, the CBO forecast a cumulative 10-year surplus of $5.6 trillion. In reality, it was a cumulative deficit of $6.5 trillion. That's a $12.1 trillion miss.
This is the federal government we're talking about - if they predict a sunny day, run inside
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That's why I say they are just guessing about any country's economy.
The CBO didn't foresee "9-11" happening which racheted up govt. spending (wars, the TSA, the Patriot Act) and then they didn't foresee the housing market collapsing in 2008 which led to the economic collapse and people losing jobs which meant years of less taxes being taken in by the feds (and even more money going out in subsidies to people).
And then they didn't foresee "ObamaCare"
The list goes on and on.
All of their guesses are based on current conditions. That's why they are always wrong.