Feds Revise GDP a Third Time: A Lesson for CBO Obamanable-Care Budget Forecasts?
GDP: Whoops! We Miscalculated (Again)
How can you believe these CBO 10 Year Obamanable-Care federal budget projections when the feds can't even crunch the numbers about the economy that it already has in its data base?!
Want proof? Check these stats revised by the blowhards in DC:
U.S. gross domestic product rose at a 2.2% annual rate from July - September, according to the government's third and final (final, final, final?) reading. It was the second time third-quarter GDP was revised lower. The government initially reported third-quarter GDP growth of 3.5%, then lowered it to 2.8%. In the second quarter, GDP contracted 0.7%. The latest figure was below Wall Street forecasts of 2.7% growth.
If they can't count the numbers they already have, how can they forecast a decade ahead? The answer is they can't. Anybody who has every worked in business (next to no one in Obama-land has every held a real job) knows that 10 year forecasts are a joke. Most one-year forecasts are just educated guesses.
One thing you can count on is that government ALWAYS spends more money than it projects on entitlements and ALWAYS raises taxes in the future to pay for them.
OBAMANABLE-CARE: Change We Will Regret
The only change I want is coming in the 2010 elections.
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