CBO Predicts Bleak Economy

[cratehorus]

Restraint in spending by local governments is also slowing recovery, said Elmendorf...

I gotta say, that's an awfully Keynesian sentiment for a Teabagger's link to express
If he's trying to support a hard Austrian/Libertarian stance on economic issues with this link, he isn't thinking very hard.

Ohhh for fuck's sake..............................................

In it, the CBO predicts that the budget deficit for fiscal year 2012 will be $1.1 Trillion.

which is an improvement over last years deficit $1.5 trillion

The report also warns lawmakers about the risk of the "fiscal cliff," which refers to the combination of tax hikes and spending cuts that would take place on January 1, 2013

Those massive tax hikes, are on every american citizen, not just those over $250k like obama, NOT romney wants..............plus massive spending cuts on multiple programs, especially military......... which teanazis hate........ even though the US military........... is a perfect example of successful socialist policies in action......................... but that's another topic

If the fiscal cliff is avoided, the CBO estimates GDP growth of around 1.7 percent.

twice bush's average, if i'm not mistaken.

Elmendorf said that eventually the government will need to reduce the deficit, either through tax increases, significant governmental service reductions or both.

Either abolish social security, and medicare, and medicaid, and still collect all the revenue from it, or raise taxes on mitt romeny's ugly fucking horse ballet trotting shitfaced wife's....yacht

Asked why the GDP growth is so low, Elmendorf cited the slack in the housing stock with overbuilding leading up to to the financial crash in September 2008

millions of homeless........... millions of foreclosed houses............ capitalism is a success!.............. but im sure a teabagger will blame jimmy carter, or stalin, or JFK somehow, for the mortgage collapse, anything to help them ignore the lies the zionist media tells..............

which results in a weaker demand for housing construction

which means poor people will have more too look up too!!! In order to motivate them!!!!! to work harder SOOOOOO one day they tooooooooo can buy a $12,000 2 bedroom ranch for a quarter of million dollars...........

Restraint in spending by local governments is also slowing recovery

caused by multiple massive cuts to state assitance programs from the federal government

, along with a decline in personal fortunes due to stock market loses and decreases in property values.

which is a reference obvioulsy to the 98% of americans, not the top 2%, who have see their fortunes triple, and even quadruple throughout this "so-called" recession

Any questions?