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7 Bumps

Do you think the CBO is correct?

Ryan: Debt on Track to Hit 800 Percent of GDP; 'CBO Can't Conceive of Any Way' Economy Can Continue Past 2037

“We’re on a debt crisis path. We are on a path where the government goes from 20 percent of GDP, to 40 percent then 60 percent of GDP. We’re on a path where our debt goes from about 68 percent of GDP to 800 percent of GDP over the three-generation window,” Ryan said.

“I asked CBO to run the model going out and they told me that their computer simulation crashes in 2037 because CBO can’t conceive of any way in which the economy can continue past the year 2037 because of debt burdens,” said Ryan.

http://cnsnews.com/news/article/rep-ryan-obama-s-budget-path-do-nothing

http://newsone.com/nation/associatedpress2/social-security-2037-drained-no-money-cb/

Answer Question
 
Carpy

Asked by Carpy at 4:01 PM on Apr. 6, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (16)
  • IDK if it really matters. Our entire economic and monetary system is smoke and mirrors anyway. Ryan rolling out yet another plan that cut taxes for corporations and the wealthy, services for the poor, disabled, and elderly, and does nothing to address revenue generation seems disingenuous. It's ideologically driven, not budget driven.


    I don't know if anything anyone says about the budget is reliable because they've all got an agenda. 

    UpSheRises

    Answer by UpSheRises at 4:14 PM on Apr. 6, 2011

  • Absolutely not. If the CBO says 2037, we're probably really talking in the next five years.
    lovinangels

    Answer by lovinangels at 4:20 PM on Apr. 6, 2011

  • I wouldn't be surprised.
    tinamatt

    Answer by tinamatt at 4:26 PM on Apr. 6, 2011

  • I agree with lovinangels.
    QuinnMae

    Answer by QuinnMae at 4:44 PM on Apr. 6, 2011

  • Not at all surprised!! SO where did all of the liberal "fiscal wizards" run off to?! Hmmmmmm......
    LoriKeet

    Answer by LoriKeet at 5:00 PM on Apr. 6, 2011

  • Not at all surprised!! SO where did all of the liberal "fiscal wizards" run off to?! Hmmmmmm......

    To look up news stories about Republicans and how evil they are. Maybe some who worked for the current adminstration have been let go.lol
    Anonymous

    Answer by Anonymous at 5:14 PM on Apr. 6, 2011

  • LOL. I don't know if he is right. I am not a financial guru of the right or left. I love how idealogical items that take up 1/50th of the budget are worth forcing a shutdown....I think it's completely politcally driven and BOTH parties suck. I don't think any of the people who are supposed to be dealing with the budget really care about any of those of us who are not.

    And maybe those who disagree with the general frame of mind referenced in both the Q&A just feel it's not worth the time to argue with someone who doesn't see outside their idea of right and wrong.
    LiliM

    Answer by LiliM at 5:20 PM on Apr. 6, 2011

  • BTW, we could always go the way of France, and tell our creditors that debts run up by the previous admin are not our problem. And ignore it, and balance things from there.

    I think if you want to see an outcome, you will find a way to show it possible. I just watched a tinfoil hat type video on Youtube that kept running ads on CNN, and it was interesting. I didn't believe what he said, but it had merit, and I could see how someone could fall for it. I would want to see the model Ryan speaks of, and how things were done, and what parameters were used - and I personally find his math to be very tied to his ideas of what should be.

    Let's cut defense spending, instead of education, and housing. Let's end farm subsidies to people like Ted Turner. I like the idea of the 2nd article about how to help SS - it makes sense. Hey - I might even get some! I am not one of the people Ryan refers to who is counting on it....
    LiliM

    Answer by LiliM at 5:29 PM on Apr. 6, 2011

  • The worth of an economic model depends on the assumptions that go into it . If it is based merely on projections of recent trends it isn't worth much at all , especially as far ahead as 2037 .
    janet116

    Answer by janet116 at 7:26 PM on Apr. 6, 2011

  • Janet. Keynesian is a failure. When will you figure that out?
    Carpy

    Comment by Carpy (original poster) at 7:31 PM on Apr. 6, 2011

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