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Bring bigger charts

Bring bigger charts

Via ZeroHedge, The CBO Will Need A Bigger Chart To Forecast Exponentially-Rising US Debt:

when it comes to the most recent forecast of US public debt as released hours ago, the CBO has officially run out of charting space. As can be seen on the graphc below, sometime in 2042 the CBO will need a bigger chart to represent US public debt as per the Extended Alternative Fiscal Scenario, which the CBO itself admits “ is more representative of the fiscal policies that are now (or have recently been) in effect than is the extended baseline scenario.

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Comments

1. Don’t worry, be happy…with log paper! How long until they start using it?

2. ZeroHedge notes that we are fiscally unprepared for setbacks like major wars or major natural disasters. Absolutely correct. Major calamities are unthinkable—until they happen.

3. I’ll add that we are also fiscally unprepared to take advantage of major opportunities that require major investment, by government or private sector or both. We could be left as a backwater while some of our global competitors retool for a transformational technology. Major opportunities are unthinkable—until they happen.

Ah, progress. To infinity and beyond!

    Neo in reply to n.n. | June 8, 2012 at 11:13 am

    It became apparent some weeks ago when the president talked on the stump—where else?—about an essay by a fellow who said spending growth is actually lower than that of previous presidents. This was startling to a lot of people, who looked into it and found the man had left out most spending from 2009, the first year of Mr. Obama’s presidency. People sneered: The president was deliberately using a misleading argument to paint a false picture! But you know, why would he go out there waving an article that could immediately be debunked? Maybe because he thought it was true. That’s more alarming, isn’t it, the idea that he knows so little about the effects of his own economic program that he thinks he really is a low spender.

Cassandra Lite | June 7, 2012 at 6:37 pm

Too bad the people who claim to love and admire Native Americans so (where are you, Lizzie Warren?) haven’t adopted the Iroquois notion called “Seven generation sustainability,” which had a motto:

“In every deliberation, we must consider the impact on the seventh generation… even if it requires having skin as thick as the bark of a pine.”

Original language via Wikipedia: “In all of your deliberations in the Confederate Council, in your efforts at law making, in all your official acts, self interest shall be cast into oblivion. Cast not over your shoulder behind you the warnings of the nephews and nieces should they chide you for any error or wrong you may do, but return to the way of the Great Law which is just and right. Look and listen for the welfare of the whole people and have always in view not only the present but also the coming generations, even those whose faces are yet beneath the surface of the ground – the unborn of the future Nation.”
http://en.wikipedia.org/wiki/Seven_generation_sustainability

Cowboy Curtis | June 7, 2012 at 6:41 pm

This chart is racist.

PrincetonAl | June 7, 2012 at 7:18 pm

I saw this in a trio of interesting charts recently (I don’t remember where), but one of the other one’s was Hauser’s Law (same graph, different article):

http://online.wsj.com/article/SB10001424052748704608104575217870728420184.html

This totally makes an argument against the class warfare nonsense that goes on.

There are some legitimate criticism – it doesn’t pass muster as a Law per se in my opinion, but most of the lefty criticism are just off. It also shows that over a 1-2 year period you can move the needle, over a longer period not so much.

If moving tax rates from between 28% to 90% in a variety of brackets over 50+ years yields only marginal movements in year-over-year tax revenues (and there are a million variables to control for, making rigorous proof impossible of anything by either side), you have something pretty sound.

But before you fall for any lefty (or righty’s) fancy graph – including my own, although of course you should always just trust me 🙂 … REMEMBER, correlation is not causation:

http://www.businessweek.com/magazine/correlation-or-causation-12012011-gfx.html

Insufficiently Sensitive | June 7, 2012 at 7:30 pm

The Generational Theft Act was an understatement.

They exaggerate at zero hedge, there will be no need for a bigger chart. The currency and the country will be fall apart long before that, so there will be no need for charts. Dc without the ability to exappropriate money from will sink into the Potomac.

@bg, yeah lol they dont know about log scaled charts…

    OcTEApi in reply to VotingFemale. | June 7, 2012 at 10:42 pm

    probably are aware but they wouldn’t want to interfere with WTF investment in gov’t chart climbers, their ladders and other associated personal safety harnesses and rigging.

Did anybody mention the Generational Theft Posse ?

GEITHNER: You could have taken [the chart] out [to the year] 3000 or to 4000. [Laughs]

RYAN: Yeah, right. We cut it off at the end of the century because the economy, according to the CBO, shuts down in 2027 on this path.

If anybody thinks this will be easy to tame, think again.

The National Oceanic and Atmospheric Administration and its embattled head Dr. Jane Lubchenco are again the target of criticism after the
director of the National Weather Service, Jack Hayes, resigned abruptly on Memorial Day weekend.

(June 7, 2012) The National Weather Service has proposed to furlough all agency employees for 13 working days in FY 2012 due to a $26 million dollar budget shortfall.

We are currently running a $1.4+ trillion deficit and they don’t have enough to pay all the Weather Service employees.
These government managers have never had experience in cutting staff.

Cowboy Curtis | June 7, 2012 at 10:28 pm

OT: Rand Paul just endorsed Romney on Hannity. The wailing and gnashing of teeth that must be going on right now. What the hell are the Paulbots going to do with their blimp now?

http://hotair.com/archives/2012/06/07/rand-paul-endorses-romney/

    Cowboy Curtis in reply to Cowboy Curtis. | June 7, 2012 at 10:31 pm

    Talk about the cherry on top of Tuesday’s results in Wisconsin- Ron Paul diehards are just about the only group in America that can give leftist protesters are run for their money in sheer obnoxiousness.

BannedbytheGuardian | June 8, 2012 at 3:03 am

A mathematician in the family says there is no such thing as a trillion . Thus it has no response points in the human brain.

TrooperJohnSmith | June 8, 2012 at 5:20 am

If Obama gets reelected, we’ll have Zimbabwe-style inflation, at which time, he can use his pocket change to pay off the 16-trillion debt.

Yes, friends… Teh Chosen Won is that smart!

[…] – A CBO Chart That Is Off The Charts – via […]

You do understand that under the baseline scenario, it means the Bush tax cuts end, and the budget returns to balance.

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