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!
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
This chart is racist.
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
The Generational Theft Act was an understatement.
Remember that unmentioned industry that has been going at full tilt for the past 4 years ? They will finally get a chance to use all those purchases.
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…
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 ?
Like this?
http://i1072.photobucket.com/albums/w362/TrooperJohnSmith/Barack_Generational_Theft.jpg
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.
That Ryan-Geithner exchange brings this Thurber cartoon to mind.
If anybody thinks this will be easy to tame, think again.
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.
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/
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.
A mathematician in the family says there is no such thing as a trillion . Thus it has no response points in the human brain.
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!
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You do understand that under the baseline scenario, it means the Bush tax cuts end, and the budget returns to balance.