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This Prediction From the CBO Shows How Wrong They Were About The U.S.’ Economic Future

Dec. 29, 2012 2:15pm Becket Adams

The Congressional Budget Office predicted 10 years ago that the U.S. national debt in 2012 would be approximately 7.4 percent of gross domestic product (GDP), a measurement of the value of a nation’s total output of goods and services.

However, two wars, a recession, economic downturns, and unchecked government spending have changed things significantly. Quite simply, U.S. debt as a percentage of GDP is much, much more than 7.4 percent.

Here’s the CBO’s 10-year budget forecast from 2002 (courtesy AEI’s James Pethokoukis):

And here’s what actually happened:

“Instead of publicly-held debt as a share of GDP being a microscopic 7.4% this year, it was closer to 74% – or 72.8% to be specific (as of the August update from the CBO),” Pethokoukis explains.

Yes, our national debt as a share of GDP is approximately 74 percent. This is absolutely unsustainable.

“In 2007 — the Great Recession is officially dated as starting in December of that year — the debt-GDP ratio was 37%,” Pethokoukis adds. “So a doubling of debt due to the Great Slump — the recession and its slow-growth aftermath.”

Speaking of a “doubling of debt,” we know we included this clip in another article this morning, but perhaps it’s worth repeating. Here’s Texas congressman Ron Paul explaining how Washington’s failure to address its spending problem has put us down the path of “no return”:

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Comments (162)

nighttrainno9
Posted on December 29, 2012 at 5:52pm
Our current outlook economically is TOTAL BANKRUPTCY. Get used to it,
there isn’t one idiot in washington that has a clue how the economy works
and obama thinks money grows on trees like bannanas.

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- turkey13
  Posted on December 29, 2012 at 6:48pm
  Obama doesn’t want to see us have our great- great8 grandkids to be stuck with this debt. In this term or his 3rd term he will come up with a new currency. We will stick a lot of creditors with it as we go to the new currency. You will be able to swap 10 or 12 old dollars for the new. That’s why Warren Buffit bought all that gold & silver. In 2011 George Sorass bougt one billion bucks worth of gold. All of the presidents friends will get the word early so they can buy Gold & Silver.
  
  Report this comment
- Proverbs17-12NLT
  Posted on December 29, 2012 at 7:50pm
  Does the government do anything Right?
  
  Report this comment
- Proverbs17-12NLT
  Posted on December 29, 2012 at 7:52pm
  CBO stands for ” Certainly Billions Off”
  
  Report this comment
- db321
  Posted on December 29, 2012 at 8:49pm
  Learn it, Live it – Monetary Collapse of the US Dollar. Soon if you try to by bread with the US dollar you will be the funny man/woman on earth. It also means that the 10 million Obama phones wont work, Welfare checks are useless, and all the Women of America are not going to get free Birth Control.
  
  It gets worst for all the people that voted for Abortions, Gay Marriage, and Non Support of Israel, and in doing so spit in the face of God for nothing. I wonder if God will remember? My guess is he will.
  
  Report this comment
- db321
  Posted on December 29, 2012 at 8:58pm
  Great – what else? I guess next they will come out and say that unemployment figures are double of what they were reporting.
  
  Report this comment
- Ohello
  Posted on December 29, 2012 at 9:34pm
  Bananas ?! What a racist ! Who cares if BHO has collapsed the USA and enriched the 1% and politicians who have benefitted at the expense of of the 99%. He can do anything he wants as long as he is a victim of perceived racism. It is his right as a victim.
  
  Report this comment
- LadyGOP
  Posted on December 29, 2012 at 9:37pm
  What will happen when Bernanke et al stop printing money ? These dimwits are worried about the fiscal cliff. We are already over it. It’s too late.
  
  Report this comment
- nighttrainno9
  Posted on December 29, 2012 at 10:37pm
  OHELLO
  just wondering what mental facility you escaped from?
  
  Report this comment
- Salamander
  Posted on December 29, 2012 at 10:42pm
  Ohhhh, was THAT a racist remark??? When he’s finished with the bananas, maybe he’ll fling a little vented material our way! The only thing WRONG with this paradigm is that HE ought to be behind bars (and NOT at a zoo)!
  
  Report this comment
- SendTheMeteors
  Posted on December 29, 2012 at 11:43pm
  “However, two wars, a recession, economic downturns, and unchecked government spending have changed things significantly. Quite simply, U.S. debt as a percentage of GDP is much, much more than 7.4 percent.”
  
  Yeah, those two wars, the recession, the economic downturn and the unchecked government spending happened under Bush.
  
  Where does this idiotic idea come from that Republicans are fiscally conservative? That’s the stupidest I every heard. History proves how ludicrous that idea is. For further reference look at the deficit under Reagan.
  
  Report this comment
- Walkabout
  Posted on December 30, 2012 at 12:14am
  Here is a real world maxim for Meteors,
  
  “Whoever acts like a sheep, the wolf will eat.” – Barbary Pirates
  ***
  2 Wars blah blah blah.
  
  Afghanistan – We asked for Usama to be extradited. They refused. According to Meteors we were suppose to not declare war but to say we were sorry for asking & act like sheep.
  
  Iraq – We have not been at peace with Iraq since 1991. We had an armistice not a peace treaty. there is a difference. They broke the armistice. They shot at our planes. They Tried to assassinate George H.W. Bush. the victims & family of the Oklahoma City bombing believe that the Iraqi government was behind the bombing. They sued in Federal court. Terry Nichols took more than 1 trip to the Phillipines. It wasn’t to play with the prostitutes. Or did you forget about Abu Sayaf, MILF & Operation Bojinka. Lots of terrorists activity there. Did you forget about the 500 tons of yellow cake we took out of Iraq that went to Canada?
  
  “Whoever acts like a sheep, the wolf will eat.” – Barbary Pirates
  
  Are you in favor of paying Jizrah?
  
  Report this comment
- Obama_Sham
  Posted on December 30, 2012 at 12:34am
  @Sendthemeteors
  
  “Yeah, those two wars, the recession, the economic downturn and the unchecked government spending happened under Bush.”
  
  Lets see… Those two wars that both democrats and republicans voted to keep funding?!? The recession and economic downturn that started in a Democrat controlled Congress in 2007?!? How about the rate of spending by Barry as compared to dumba$$ Bush?!?
  
  Oh another little hint… Comparing your god to Bush does NOT make your god look better… It only makes him look like more of a fool…
  
  At every turn, you try to be the smartest person in the room… At every turn, you allow your ignorance to gush forward… Good job…
  
  Report this comment
- SendTheMeteors
  Posted on December 30, 2012 at 1:49am
  Walkabout claims that, “… the victims & family of the Oklahoma City bombing believe that the Iraqi government was behind the bombing.” I’m sure you can provide a link or two showing that “the victims & family of the Oklahoma City bombing believe that the Iraqi government was behind the bombing.”
  
  Of course you can’t. You made that up. Actually, you’re not inventive enough to come up with that, you must have gotten the idea from someone else. Why in the world would you you think you can just pull stuff out of your behind and expect anyone, least of all me, to take it as truth?
  
  In any case, let me get this straight. Timothy McVeigh, the original Tea Party member, who gave a complete recorded confession of what he did and why, was concealing the fact that he was actually doing Saddam Hussein’s dirty work? Really? That’s a conspiracy theory I hadn’t heard of. I recommend you write a book about that.
  
  Walkabout, you’re really not too together are you? If you believe that Saddam Hussein was “behind” the Oklahoma City bombing, there is nothing you won’t believe. You’re pulling my leg right?
  
  Report this comment
- Farmhand82
  Posted on December 30, 2012 at 2:37am
  Meteors, though I would actually agree that Iraq was a mistake and not worth the cost in blood and treasure, it was justified. People seem to have gotten collective amnesia with regards to how horrible Saddam Hussein was. Just ask the Kurds. There are some estimates as high as 200,000 Kurds murdered by the regime. Though I think that might be on the high side, nobody doubts a lot of Kurds were killed by gas attacks and good old fashioned police/military brutality.
  
  Imagine the International outcry if this had played out in say Europe somewhere. Where a white nation decided to gas black neighborhoods, just to keep them terrified and powerless. Because that is exactly how it played out with the International result being a collective “meh.” The world is a decidedly better place without Saddam or his psychotic sons running a major Middle Eastern nation. I just don’t think it was worth it for us to meddle.
  
  Report this comment
- tool4rage
  Posted on December 30, 2012 at 6:57am
  From sendthemeteors: “Timothy McVeigh, the original Tea Party member”
  
  I’m sure you can provide a link or two showing that Timothy McVeigh was the original TEA Party member.
  
  Of course you can’t. You made that up. Actually, you’re not inventive enough to come up with that, you must have gotten the idea from someone else. Why in the world would you you think you can just pull stuff out of your behind and expect anyone, least of all me, to take it as truth?
  
  Report this comment
- Walkabout
  Posted on December 30, 2012 at 10:49am
  Send the Meteors
  
  Walkabout claims that, “… the victims & family of the Oklahoma City bombing believe that the Iraqi government was behind the bombing.” I’m sure you can provide a link
  ***
  The mujahedin in in Afghanistan took money & supplies form Iran, Pakistan, China, Britain, Pakistan, Egypt & other countries. The victory/success of the mujahedin over the Soviets had more than 1 father.
  Are you telling all the readers of the posts that OKC bombing had only one father (or 2 at the most, McVeigh & Nichols)? Why did father Nichols have to travel the Phillipines between 1990 & 1994.
  
  - To visit his inlaws without his wife?
  - To engage in prostitution in the dangerous souther Phillipines when it would have been much safer in the northern Phillipines?
  
  Why would Timothy McVeigh lie?. Sure he was hated. He was hated a lot! But imagine if he spilled the beans that he had help from foreign governments in terms of money, knowledge or moral support. He could be hated much more & for a much longer time. Instead of a radical of whatever persuasion, he would be remembered much longer like Benedict Arnold. Maybe he did not want that. McVeigh the atheist did want to protect himself. He took last rites before his execution. He wanted to protect himself: he took last rites. He also changed his ind about religion. Might he not protect himself by not admitting conspirators?
  
  Report this comment
- Walkabout
  Posted on December 30, 2012 at 10:56am
  Meteors education cont’d
  
  ” In the 2001 book American Terrorist, McVeigh stated that he did not believe in Hell and that science is his religion.[89][90] In June 2001, a day before the execution, McVeigh wrote a letter to the Buffalo News identifying as agnostic.[91] Before his execution, McVeigh took the Catholic sacrament of the Anointing of the Sick” -wiki
  ***
  Why would Terry Nichols not reveal outside help. As a bargaining chip. He tried to get his son a reduced sentence for more information & the judge turned him down.
  
  I made 4 or 5 points in my original post refuting your comments about unnecessary wars. You chose to zero in one the one that you thought was ludicrous & were “schooled”. The other points still stand.
  
  Further you are just as wrong about everything else as you were in your original 2 posts.
  
  P.S. Just a little more
  “The lawsuit alleges that Abdul Hakim Murad, then imprisoned in the United States awaiting trial in the airline-bombing plot, said at the time that Yousef’s network was responsible.”
  http://www.cbsnews.com/2100-201_162-503807.html
  
  Report this comment
- mikeguyver1
  Posted on December 30, 2012 at 12:21pm
  I am proud to live in a country where we elect the mentally incompetent and keep putting them back in power. But having a brain does not seem to be a requirement to be a politician.I, would go into politics but I can not find anyone to give me the required frontal lobotomy.
  
  Report this comment
- NeoFan
  Posted on December 30, 2012 at 12:45pm
  Conservatives need to talk to their liberal neighbors and have them explain how the economy works. The explanation goes like this, if a family makes 2000 dollars a month and the government takes 1300 dollars the best way to help this family is to raise their taxes to 2700 dollars a month. If you don’t agree then you are a hate filled racist. Then you need to raise the taxes of their employer by 9000 percent and then you have helped this family. The goal of all countries should be to support the largest government that the poor can support. So that the idle can live the highest living standard possible. Remember Occupy Wall Street are the mental gods of our generation. Just ask your progressive neighbors.
  
  Report this comment
- SendTheMeteors
  Posted on December 30, 2012 at 8:51pm
  tool4rage, nice post. I might have done the same were I in your shoes.
  
  But! I was just quoting Sean Hannity. Here’s his quote, for your viewing pleasure. It’s only 20 second clip. http://www.dailykos.com/tv/w/002641/
  
  Hannity is the go-to guy for everything Tea Party. If you can’t believe him, who can you believe?
  
  Report this comment
- TheePolitinator
  Posted on December 30, 2012 at 11:13pm
  Sorry Hannity is not the voice of the T-Party, he’s the voice of corporate right wing brainwashing. Hannity is ok but he is still way off on what’s actually wrong in this Nation.
  right/left = same party.
  
  They call it the American dream because you have to be asleep to believe it.
  
  Report this comment
cbrown
Posted on December 29, 2012 at 5:06pm
This article does not make sense. CBO forecast is based on what they knew in 2002. You can’t expect CBO to forecast that we will have two wars (not paid for), tax cuts (not paid for), medicare part d (not paid for) and major financial crisis in 2008.

I agree with Ron Paul that both Republicans and Democrats are too blamed for today’s huge debt. Spending has to be reigned in and Bush tax cuts (temporary one that was passed when we had surplus) has to be repealed in stages.

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- rochrealtor
  Posted on December 29, 2012 at 5:16pm
  CBO predicted 900B for OBAMACARE! The real GIDDY NUMBER [emphasis added] 1.9 TRILLION! CBO discredited!
  
  Report this comment
- cbrown
  Posted on December 29, 2012 at 5:42pm
  CBO scoring is based on the assumptions put into the law. CBO estimated gross costs of $938 billion in the 2010-2019 window and in March 2012, CBO estimated gross costs of $1.76 trillion in the 2012-2022 period. They are two different period. If you take the same period 2012-19 (which are the common years between the two scores) revised cost was $1.01 trillion, 9% increase.
  
  Some studies have pointed to decrease in medical cost in coming years. From 1999-2009 the medical inflation was around 12%. and outcomes were not great compared to other countries. For past two years it has been below 6%. Addressing the healthcare cost is important for bring down our deficit. Hoping Republicans and Democrats can work together and help bring down the cost further.
  
  Report this comment
- hauschild
  Posted on December 29, 2012 at 5:45pm
  C’mon, dude – NOTHING is paid for if we’re being intellectually honest.
  
  I’m still amazed that these thug politicians are getting away with completely destroying this country mainly because half the people on “our” side want their social security, health care, government pensions, blah, blah, blah! Every day is a new day of amazement in my world – it’s nuts!
  
  The most hilarious aspect of it all is there are still idiots that believe we’re gonna be able to right this ship – absolutely classic! Over 100 trillion in debt and unfunded liabilities, people!!!
  
  Indulge now, while you are still able.
  
  Report this comment
- soybomb315_II
  Posted on December 29, 2012 at 5:47pm
  CBO has forecasting methodology that both parties are aware of. So they craft legislation in order to minimize the inputs into the CBO models….You might remember CBO had to score the 10 year Obamacare cost based on only 5 years because of the way the law was crafted
  
  Report this comment
- zombieocracy
  Posted on December 29, 2012 at 6:11pm
  CBrown, answer this simple question: should we give our exalted leader freedom from a debt limit? If so, what will be the state of the Union in 4 years?
  
  Report this comment
- cbrown
  Posted on December 29, 2012 at 6:30pm
  @soybomb315_II
  
  You are right. CBO had to score the 10 year ObamaCare cost based on only 5 years because of the way the law was crafted. It is not a great solution but it better than what we have. In the long run it will work like RomneyCare (liked by 80+% in MA) but the cost will more than what is projected now.
  
  @zombieocracy
  Not in support of freedom from debt limit. I am an Obama supporter and want the pressure of debt limit on him.
  
  Report this comment
- Clownzilla
  Posted on December 29, 2012 at 6:44pm
  @Crown
  
  Nice try, the way the cost was analyzed was B$ regardless of how the law was written. Tell you what, let me sell you my car and you can pay me 10 years worth of payments but I will only give you the car to drive after 5 years.
  
  Report this comment
- otter1111
  Posted on December 29, 2012 at 6:47pm
  The cost of Obamacare doesn’t include the unfunded mandates on the states. Another accounting trick. The Wall Street Journal reported: “more than half of ObamaCare’s newly promised health-insurance coverage was accomplished by assigning nearly 26 million more people to an already broken Medicaid program and telling governors, “Now, you find a way to help pay for it.”
  
  Tennessee’s previous governor, Democrat Gov. Phil Bredesen, has called ObamaCare “the mother of all unfunded mandates,” estimating that it would cost Tennessee an additional $1.1 billion from 2014 to 2019, even with the federal government covering the Medicaid expansion for the first three years.
  
  Report this comment
- cbrown
  Posted on December 29, 2012 at 6:53pm
  ObamaCare will cost more but will liked by majority when implemented similar to RomneyCare. It is better than the failed HealthCare system we have now.
  
  Need to go out, have a great weekend!!
  
  Report this comment
- Clownzilla
  Posted on December 29, 2012 at 7:05pm
  @Cbrown
  
  There is NO WAY this will end up being better. Doctors are quitting (at the same time millions are being injected into the system all at once), device\drug makers are scaling back research, a government board is in charge of approving “valid procedures” ahead of the doctors (which will be political and not medical based), the old and young MUST be rejected more often for this scam to mathematically work (ie. care WILL be rationed). On top of that, saying that this is “better” than we have now is like saying that getting shot in the chest is atleast better than getting shot in the head.
  
  Report this comment
- XPat
  Posted on December 29, 2012 at 7:56pm
  CBROWN,
  You are a fool. Bet you already have a brown shirt in your closet, pressed and ready wear.
  
  Report this comment
- cbrown
  Posted on December 30, 2012 at 10:13am
  @Clownzilla
  
  Look at RomneyCare and how successful it has been in MA. Doctors aren’t fleeing MA, 80+% of the folks like it, MA has been the biggest percentage decrease compared to other states on their medical cost.
  
  ObamaCare (RomneyCare step-child) would most probably see similar results. At least you and me will stop paying for the free-loaders.
  
  Report this comment
- cbrown
  Posted on December 30, 2012 at 10:15am
  @XPat
  
  I have a Charlie Brown t-shirt, do you want me mail it to you?
  
  Report this comment
- Dseosg
  Posted on December 30, 2012 at 12:36pm
  I am a physician that moved because of Romney Care. I live in texas now. I am a spine surgeon and I specialize in minimally invasive spinal surgery. It is true that not all doctors are unhappy with the Romney Care system. It is like any worker that has worked hard all their life and now they have the opportunity to be a government bureaucrat. A physician in a bureaucracy has a very good life. When I first started I worked for the VA. I got months of vacation and what we called the special days. I would take off between Christmas and New Years every year and it did not count as vacation time. I just would not show up. My boss was not there because he was doing the same thing. I still get a government check today for my service.
  
  I just did a artificial cervical disc on the wife of a higher-up in Tricare. When I say artificial cervical disc I mean the crap the government bureaucrat calls an artificial disc. Let’s just say she did not get anything like the ProDisc C. She got the bureaucrat approved PEEK. Of course like any good government system they actually pay me more for a crapy job. Life is good. Unless you are a patient. I love what I do. Risky but a crazy fun and exciting job. I go with the flow and only do what I like to do.
  
  I can tell how ignorant you are about the system but you act like you know everything. Why is it that the less informed someone is the bigger expert they are? I guess when you make up your own facts it’s all good.
  
  Report this comment
- cbrown
  Posted on December 30, 2012 at 1:05pm
  @Dseosg
  
  I’m not a doctor but I have a doctor, my friends are doctors and I have read the “Kaiser Family” and other reports on MA health care reform act. Many unbiased reports where the facts are laid out. Some positive aspects of RomenyCare: Employers have not cut coverage, uninsured percentage is lowest in the nation, folks covered under private insurance has increased, decrease in percentage healthcare cost, … The coverage by private insurance and private doctors has not decreased in MA.
  
  My doctor consider it a nightmare dealing with insurance bureaucrats too. Current Heath care the cost is highest in the world and outcomes are around 30th in the world. This system is a failed one and it does not makes sense to cling on to it Best approach is improve the “Affordable Care Act”, some Republicans have good ideas on how to do this.
  
  Report this comment
- Dseosg
  Posted on December 30, 2012 at 2:12pm
  CBBROWN you have to stop believeing everything perople tell you. I am a physician and I have read the reports on the quality of healthcare in the United States. You I can tell have been told about the reports. One of the measures of quailty of healthcare is infant mortality. According to those reports there is almost no infant mortality in countries like China and Ecuatoral Guinea. Does it matter to you that the data is all based on self reporting? You quote those studies like they are true. I can guarantee you the president of Ecuatoral Guinea brings his sick bably to this horrible United States system eventhough on paper a baby never dies in Ecuatoral Guinea. Someplace there is a know-it-all bureaucrat just like you deciding what type of articifial cervical disc your wife can have. I can feel good about the fact that he is just as ill-informed as you. He is also just as certain he is correct and just as unwilling to take a few seconds and consider that there may be another side to the argument.
  
  Report this comment
- Dseosg
  Posted on December 30, 2012 at 2:29pm
  CBROWN you sound like an intelligent individual and I believe you truly want what is best for the nation and it’s people. I just don’t believe the government is the source to solve our problems. I believe the government creates problems. Bureaucrats only want to help themselves at all cost. If ten years ago the government and it’s bureaucrats had developed a plan to put a cellular phone in the pockets of every human to make them safer, there would be no cellular phones today. You know thats true. If we could get the government out of medicine we would probably see a cure for cancer in our lifetime.
  
  Report this comment
- dnewton
  Posted on December 30, 2012 at 3:13pm
  I agree with you about the history lesson, but when do we factor history into the projections? Why must every projection be so rosy? When I go on a trip, I don’t put the exact amount of gas I need in the car. I put a conservative amount or make sure there is a conservative amount of fuel in the car before leaving. If the estimate was made in 2002, I think the possibility that the US would not spend a lot of money going after terrorist to be close to zero. Massive borrowing on a project that has no productive aspect would qualify for a suspicion of an economic slowdown. IF the same amount were spent on the Interstate, I would expect better results economically. I don’t see the “two wars” as being two wars except that they were fought within two different countries. Why not say three wars if you count Pakistan and all of the bribery that it takes to operate there.
  
  Report this comment
- cbrown
  Posted on December 30, 2012 at 5:37pm
  @Dseosg
  
  We may agree more than we disagree, I have never looked at Govt as a solution or want it to manage private business. They have role in defending our country, enacting reasonable regulation, …
  
  On Healthcare – it’s a bit complicated. Most folks with insurance – it is provided by their employer (not a great incentive to keep the cost down). Folks w/o insurance – check into emergency care and you and i pay for them. The inflation in the healthcare has been around 113% from 1999-2009, which is not sustainable. Obamacare addressed some of the problem but not the most important one that is drivers of high cost. Business cannot afford to keep paying these premiums and we are shifting the cost to our employers.
  
  As far as reports are concerned, we do have to believe in some institution. There is some bias in their report but in general good institutions including CBO try to do their best to present the facts.
  
  Report this comment
- Dseosg
  Posted on December 31, 2012 at 12:11am
  The rate of inflation in the healthcare industry has been 3.37% for the past 10 years. For comparisons the rate of inflation in the education system has been about 10%. Why then is healthcare is a national emergency? Healthcare is something the government and it’s bureaucrats want to control. They already control the educational system. Anything they can convince the uneducated public is vital they can control.
  
  Business can’t afford health care and therefor we must do something? Why is business incharge of their employee’s health care? That was some bureaucrat’s decision. Why does some business person who only wants to make a good product at a fair price also have to be the mother and father of somebody that works for them?
  
  We pay the healthcare of people who don’t have healthcare. As you said, they get sick and go to the ER. I have never seen somebody with a fractured hip not getting it fixed. When I am going to the hospital I do not see people sitting outside hoping someone will set their broken bones. Are there people some place afraid to go in the ER? People have healthcare. The best in the world. What they don’t have are the BELLS AND WHISTLES. We will still pay the way we always have but now they will have all the options you and I have. It’s not fair that you have a Cadillac and they have a Volkswagen. Remember nobody should have something better than someone else. By the way, trying to give everybody a cadillac not only is impossible it’
  
  Report this comment
- cbrown
  Posted on December 31, 2012 at 10:28am
  @Dseosg
  
  I am really baffled by inflation in the education cost. It does not make sense to me b/c none of the underlying cost has risen to account for this high inflation on higher education cost. When I get some free time I would like to dig deep on this one. I’m completely buying the government argument on this one.
  
  Talking about education – enrollment into medical studies has gone up again in 2012. I believe it is highest enrollment to-date.
  
  Looking forward to the day when there will be a separation of Healthcare from employment. I doubt in my lifetime.
  
  Report this comment
jungle J
Posted on December 29, 2012 at 4:58pm
he and they wanted him to be president …let them srtangle on it.

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- SamIamTwo
  Posted on December 29, 2012 at 6:28pm
  The uninformed voter should pay for it all!
  
  Report this comment
paperpushermj
Posted on December 29, 2012 at 4:56pm
Above you’ll see the reason why you are gullible to believe in projections of any sort, ten years out is a fool and you need to wake up.

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vox_populi
Posted on December 29, 2012 at 4:46pm
“The Budget Outlook Under Current Policies”

“Current Policies”

They didn’t predict another war, another round of tax cuts for the wealthy, a pay-off to the pharmaceutical corporations, or a financial crisis and recession.

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- junior1971
  Posted on December 29, 2012 at 4:59pm
  Actually, they perpetuated it silly.
  
  Report this comment
- hauschild
  Posted on December 29, 2012 at 5:53pm
  “They didn’t predict another war, another round of tax cuts for the wealthy, a pay-off to the pharmaceutical corporations, or a financial crisis and recession.”
  
  They also didn’t predict worthless slugs making up well over 30% of the population living off the productive. Or, people gobbling up health care because they’re so ridiculously obese (enabler – government), driving up demand which drives up costs. Or, government sector workers who are half as productive as their private sector counterparts, but who receive retirement benefits(pensions + health care) 3, 4, maybe 5-times more valuable.
  
  Tax cuts for the wealthy – that’s a another leftist classic! Compare that to what I’ve described above and it is peanuts. Not to mention, the wealthy PRODUCE.
  
  Leftists are such losers. I saw thru their schtick (thankfully) before I was 10 years old. Worthless, whining, envious, unproductive slugs.
  
  Report this comment
- Farmhand82
  Posted on December 29, 2012 at 6:02pm
  Yay MSNBC talking point bubbles are fun. Couple problems though, Voxxy. The federal governments best years for revenue during the Bush administration were after the tax cuts went into effect . I’m sure you’ll mental gymnastic your way out of that one but it’s provably the truth. By the way, Bush’s worst years for spending took place after Democrats took Congress in 06, as did the financial meltdown. Also the tax cut primarily focused on middle class tax cuts yet you guys keep labeling it a break for the wealthy, completely ignorant of how much of the tax burn rests on the wealthy. That’s pretty standard politicking through semantics but you guys fall for it pretty hard.
  
  Next, Obama’s average yearly deficit has been twice Bushs worst year. Obama then garnishes with heavy doses of quantitative easing which is going to bite us in the ass pretty hard in the future, and this is even after one of the wars that supposedly ruined us came to an end. We have two bankrupt and failing entitlements and you guys’ genius plan is to saddle us with another. Yeah that’s gonna go well. One of these days you kiddies are going to have to grow up and start taking some responsibility instead of just blaming Bush for everything. Maybe it will finally happen in the second term though I’m doubting it.
  
  Report this comment
- vox_populi
  Posted on December 29, 2012 at 7:31pm
  “The federal governments best years for revenue during the Bush administration were after the tax cuts went into effect.”
  
  Correct! Several years after the tax cuts, revenues finally returned to pre-cut levels. As the economy continued to grow, they surpassed them. The question, though, is how much potential revenue was lost — $1.6 trillion over the nine years of their initial run, by most analysts’ estimates.
  
  “Also the tax cut primarily focused on middle class tax cuts yet you guys keep labeling it a break for the wealthy.”
  
  Cuts to capital gains is “primarily focused on the middle class”? How many middle class people do you know who make the majority of their money through stock ownership?
  
  “Next, Obama’s average yearly deficit has been twice Bushs worst year.”
  
  Correct! That’s what happens when, right before you take office, the economy collapses and government revenues halve. Please have a look at this chart from – hilariously – The Blaze!
  
  http://www.theblaze.com/wp-content/uploads/2012/12/chart-spending-620×379.gif
  
  “We have two bankrupt and failing entitlements and you guys’ genius plan is to saddle us with another.”
  
  The government created another social entitlement program? Awesome. When did that happen?
  
  By the way, you know both Medicare and Social Security are long-term fiscally solvent, right? Hell, even today market analysts are rejoicing because costs have come in below estimates for the third straight year.
  
  Report this comment
- Farmhand82
  Posted on December 29, 2012 at 8:30pm
  So wrong but good effort. Federal revenues were up within a year of the tax cuts taking effect. Your vague “analysts” predicting a loss of trillions don’t take economic stimulus as a result of lessened tax burden into account because such things are, by nature, difficult to impossible to quantify. Doesn’t mean they don’t exist but unfortunately it does mean that people can make of the numbers pretty much what you want . You can say tax cuts generation half a million jobs or you can say they didn’t generate any and it was all just the natural economy, depending on what fits your political template. However if high taxes rocked for deficit reduction in the long term, why is the European Union currently in so much trouble? If you guys were correct Europe should be going gangbusters right about now since they’ve been running high taxes high social program models for decades. The third entitlement program is more a quasi entitlement, Obamacare, and if I can take a page from your book, “analysts” predicting that it’s going to cost the federal and state government combined trillions over the next decade. Even the CBO is stating that it will cost substantially more than Obama promised, and it is not taking into account the massive costs to the states. Finally thanks for the laugh with your comment that social security is fiscally sound in the long run. That’s not even close to being true and I’d really love to see your magic faerie math that somehow gives you that conclus
  
  Report this comment
- Farmhand82
  Posted on December 29, 2012 at 8:44pm
  I guess if you take the most rosey economic projections possible, mix in a little reduced returns for recipients and a few decades for the baby boomers to die off you MIGHT get to the point where it works. Even most Democrats admit the programs are in serious trouble, they simply advocate a different solution to the problem than us right wingers.
  
  Report this comment
myway
Posted on December 29, 2012 at 4:42pm
Please fund a WAR on liberals! I want an obama AR-15 he takes from a liberal or one that is turned in for food stamps.

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RANGER1965
Posted on December 29, 2012 at 4:35pm
The CBO carries the bias of the administration that is in power. The degree or magnitude of this bias is arguable. What is not arguable is how the system works. The CBO is given orders to grade some project or program, and given instructions on which factors to consider in that grading.

Like a computer, if fudged or false factors are given to them their conclusions will not be close to reality. So even if they were utterly unbiased, they can only work with what is given to them.

The blame lies with Congress and the Whitehouse for the failures of the CBO.

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hslusher
Posted on December 29, 2012 at 4:31pm
Only a crushing economic collapse will stop this then the fun begins. Survival the real version

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- cemerius
  Posted on December 29, 2012 at 4:36pm
  Absolutely…….powder dry and weapons oiled is a great start……
  
  Report this comment
cliffattheblaze
Posted on December 29, 2012 at 4:11pm
Ron Paul makes a lot of sense. The interviewer just doesn’t understand what he’s saying. She’s still focused on the “fiscal cliff” which Ron Paul rightly points out is not particularly important. Looking good and continuing to pay off their constituents and cronies is all congress cares about. 15 to 18 percent of GDP is all any federal government can sustainably spend. We have to cut to that point or we’re screwed, and that includes a huge amout of interest. Congress has spent us into being a second rate power and that’s all there is to it. We can’t continue down this road without going into default.

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- dublinthewagons
  Posted on December 29, 2012 at 4:47pm
  Fisical cliff then increasing the lending rate from 16.4 trillion to whatever is next.
  What would solve the problem is hot tar and cold feathers. A lot of them.
  Not gun control. Polititions kill more than guns ever did or will.
  
  Report this comment
charles116
Posted on December 29, 2012 at 3:50pm
Nothing like UNFUNDED, OFF THE BOOKS wars to screw things up.
And a TOTALLY UNREGULATED banking system.

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- mrunner
  Posted on December 29, 2012 at 4:03pm
  And immoral liberals spending money like drunken sailors. Hell, it ain’t their money! Why not? In all fairness- Bush spent money like- maybe not drunken sailor- but very tipsy and well on his way. Politicians in general are way out of hand. They, and you, need to be neutered. Continued procreation of that mutant strain of humanity will not only finish the job of destroying the country- it will destroy humanity as well.
  
  Report this comment
- Jim S
  Posted on December 29, 2012 at 4:07pm
  ..The CBO takes the numbers given to it and project..if it could predict wars that would be most note worthy on many many levels..however even it if could predict wars,it would have to predict that the Congress and President would CUT taxes and borrowing the money to pay for the wars…they would need a crystal ball that predicts war AND predict political monetary policy in response to those wars…now assuming there were no wars and therefore no Tax cuts or borrowing…the CBO numbers are pretty close…remember this when ANYONE suggests future events..ANYONE..CBO, 401k salesman, radio talk show hosts etc etc…although talking heads can make 100′s of predictions and then just recall the correct ones :)…
  
  Report this comment
- moreoilplease
  Posted on December 29, 2012 at 4:17pm
  Off book wars? No, they were on the books always. Lib lie to make you think O had nothing to do with the debt. LIE. Deregulation has spanned many years, different congresses and different Presidents of both parties.
  
  Report this comment
- junior1971
  Posted on December 29, 2012 at 5:00pm
  ….and a totally un-checked government.
  
  Report this comment
- vox_populi
  Posted on December 29, 2012 at 5:03pm
  “In all fairness- Bush spent money like- maybe not drunken sailor- but very tipsy and well on his way.”
  
  Bush spent far more money than Obama ever did, not to mention lowering our revenues but slicing taxes to the primary benefit of the wealthy. I’m always surprised more people don’t realize this, it’s pretty cut and dried.
  
  Report this comment
- booger71
  Posted on December 29, 2012 at 5:52pm
  Bush spent far more money than Obama ever did, not to mention lowering our revenues but slicing taxes to the primary benefit of the wealthy. I’m always surprised more people don’t realize this, it’s pretty cut and dried.
  ==========================
  You need to acquire some math skills
  
  Report this comment
- vox_populi
  Posted on December 29, 2012 at 7:05pm
  If you don’t want to listen to me, why don’t you listen to The Blaze? Tell me which years federal spending exponentially increased; tell me which years it flattened out.
  
  http://www.theblaze.com/wp-content/uploads/2012/12/chart-spending-620×379.gif
  
  Report this comment
- Fubared
  Posted on December 29, 2012 at 7:07pm
  Pox can’t utilize math. Math has been racist since 09 or so. Common sense, racist. Math, very racist.
  
  Report this comment
- Clownzilla
  Posted on December 29, 2012 at 7:07pm
  @Vox
  
  Are you high?! Where in the world are you getting that information?
  
  Report this comment
- yiska8
  Posted on December 29, 2012 at 7:48pm
  If the debt under GWB was bad, we could have made some progress by now if government truly gave a *hit. But they don’t. There was no way the CBO could have predicted a 2008 usurper would enter office back in 2002. At the time, we were freaked out from 9-11, living on a color coded warning system and the war of terror had already begun. In 2008 there was a chance to pull out of this mess, instead we Barack Hussein Obama and a economic depression. Only in America could people be so arrogant and self-destructive to elect a guy with the middle name of a dictator and a first name with one letter in difference to Osama Bin Laden with zero real world experience. And dear choomin’ Baracka is no fan of this nation. So why would he want to save it?
  If Bush spent like a cokehead using a Chinese credit card.
  Then Hussein has spent like a hungry mooching pot smoker with 10 Chinese credit cards.
  We’re finished economically for some time. Hell is breaking loose slowly isn’t it?
  
  Report this comment
- stelin1998
  Posted on December 29, 2012 at 10:24pm
  Voxy, you have trouble reading charts. But thanks for proving the point about the O’s massive spending compared to W’s unfortunately high but much lower spending. Of course, we all know it’s not just the Pres doing the spending, right?
  
  Report this comment
- teacherbil
  Posted on December 30, 2012 at 12:53am
  What in Sam Hill are you talking about VOX_POPULI?!!!
  
  Report this comment
- 1776freedomofspeech
  Posted on December 30, 2012 at 5:14am
  You don’t make any sense. This not the site where you want to post.
  
  Report this comment
IndyGuy
Posted on December 29, 2012 at 3:34pm
The CBO is a tool of what ever Administration is in power and will fudge numbers to cover anything they wish…Abolish the CBO…

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- dnewton
  Posted on December 30, 2012 at 3:30pm
  The CBO’s track record for predicting revenue from tax provisions is about 60% of their best guess. This is a long term percentage that is about three years old. The constant flow of under predictions is a perfect reason for getting a new outfit or new system of estimators. This function, on the state level, is also very culpable for bad decisions. In my state legislature , the pattern is that the cost of a bill is depends upon the governor’s office wanting to pass it. Obamacare was not affordable past the sixth year and they passed it anyway, you can’t blame CBO for that.
  
  Report this comment
- IndyGuy
  Posted on December 31, 2012 at 1:08am
  CBO reported that Obamacare would not pay for itself…Obama called the head of the CBO to the White House…a week later the CBO reported that Obamacare would pay for itself…You gotta quit buying all the crap the Government feeds you…
  
  Report this comment
The-Monk
Posted on December 29, 2012 at 3:22pm
The GDP for 2011 was $15,094,000,000,000 and the current debt is $16,415,000,000,000.

This means that the debt to GDP is over 100% and the CBO employees are lying again.

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- soybomb315_II
  Posted on December 29, 2012 at 3:31pm
  they are using ‘public’ debt instead of ‘external’ debt
  
  http://www.usdebtclock.org/world-debt-clock.html
  
  Report this comment
- environmentalandawake
  Posted on December 29, 2012 at 3:41pm
  You’re absolutely correct. No one get’s it! They act like you’re nuts when you explain it to them. In case anyone is paying attention it’s 106% debt to GDP ratio.
  
  http://www.usdebtclock.org/
  
  Report this comment
OlefromMN
Posted on December 29, 2012 at 3:13pm
The CBO is an SISO group. They mash numbers as presented to them and do not question the provider. I could provide the CBO with a scenario that I will be a trillionaire in the next 10 years without providing factual basis for that to occur, and they would report it as “fact”.

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AbrahamsSheepdog
Posted on December 29, 2012 at 3:10pm
In a few months the little dogs will laugh to see such a site.
And dish ran in with the spoon. Eyes up over the moon the fiddler is calling the cats. Soon

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Walkabout
Posted on December 29, 2012 at 3:08pm
7% to 70%

Well heck, the CBO is off by a whole order of magnitude. To continue to used them is madness.

Forecasters should have forecasting error of what say 5% or less?

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- soybomb315_II
  Posted on December 29, 2012 at 3:41pm
  reminds me of what they projected medicare to be 30 years after it was passed….I believe they were also off by a factor of 10
  
  Didnt Rumsfeld say that we would only lose a few hundred in Iraq? We ended up losing 10 times that…..I dont know if it was casualties or troops on the ground, but it was nearly a factor of 10.
  
  Whenever the government speaks, we should remember the ’10 rule’….Remember it when they tell us how much it will cost to eliminate Iran nuclear program
  
  Report this comment
- vox_populi
  Posted on December 29, 2012 at 5:09pm
  “The Budget Outlook Under Current Policies”, circa 2002.
  
  Are really none of you getting this?
  
  Report this comment
- Fubared
  Posted on December 29, 2012 at 8:15pm
  Pox, do you copy piss off? This look like an ows meet, greet and swap spit session?
  
  Report this comment
doomytram
Posted on December 29, 2012 at 3:03pm
The treasonous Obozo, along with the other treasonous pigs in the senate and house control the CBO.
It’s the same as how they cook the unemployment numbers, along with the misinformation campaign from ABC (CIA controlled talking points). We are living in a bubble like the Truman Show.

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4-The-Truth
Posted on December 29, 2012 at 3:01pm
Lets fire the CBO for starters. Then cut 70% of the government employees and programs and we might have a chance.

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- soybomb315_II
  Posted on December 29, 2012 at 3:47pm
  CBO should be eliminated and the budget should be evaluated on a 1 year basis. None of this 10-year projection and fuzzy math.
  
  Every year all government spending should be set to zero and then go from there. I’m so sick of this “cuts to future increases” crap
  
  Report this comment
- pooka_yc
  Posted on December 30, 2012 at 4:56am
  We need a flat tax of 10% on individuals and businesses; then cut the Federal government back to Constitutional limits. No pensions or perks for elected officials. Problem solved.
  
  Report this comment
Al J Zira
Posted on December 29, 2012 at 2:54pm
The CBO is just as accountable. They’re the ones that told us Obamacare was self-funded and now we’re finding out what we knew all along: it will bankrupt us and ruin the best health care on the planet.

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- RANGER1965
  Posted on December 29, 2012 at 3:09pm
  The CBO (at it’s best) is much like a computer. If trash goes in, trash goes out. The CBO crunches the numbers based on the information given to them by Congress, and the Executive branch.
  
  You will often see the CBO ordered to score somthing without including certain very relevant factors. Americans are being lied too on so many levels that our leadership has very little credibility left. We are ripe for a violent change. If the right factors (economic collapse) begins to present themelves it will cascade into a nightmarish scenerio virtually overnight. If our liberal masters think they can manage this, and channel it to meet their ends, they are terribly mistaken. No amount of money, clandestine influence, or secret cabals will put a dent in this type of storm. It will be every man for himself, and the first to go will be those same self-serving liberals who have been pushing for just such a revolution.
  
  Report this comment
- JediKnight
  Posted on December 29, 2012 at 6:06pm
  The CBO scores based on information they’re given. If they’re told “the economy will grow by 5% per year”, they score on that. That’s even if the current year is only showing 1.5% average growth. They do not ask “How will we get to 5% growth?”. They simply score it. Even Paul Ryan pointed this out during the very public debate over Obamacare.
  
  It’s not only the CBO that’s pointing out how much more it’s really going to cost. The MSM is also starting to point it out (as if it’s something new). The same MSM that kept holding up the CBO scoring and saying “They say it won’t cost that much, so let’s just do it!”.
  
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AllLost
Posted on December 29, 2012 at 2:53pm
It is no longer a call of “Let it Burn”. It is now a call to rebuild from the ashes.

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tonypro
Posted on December 29, 2012 at 2:49pm
I’m sure the communist, terrorist powers intent on destroying our country are disappointed to
read these numbers, as it falls short of their goal of 105% of the share of GDP.

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- Snowleopard {gallery of cat folks}
  Posted on December 29, 2012 at 2:56pm
  Indeed, at 105%, total collapse.
  
  Report this comment
nc_kayaker
Posted on December 29, 2012 at 2:48pm
FAIR TAX!! Christian gospel teaches 10%!! Everyone pay same amount (in cases where extremely rich make more, 10% covers them!)
Uncle Sam (you mofo trash) DO NOT spend more than you bring in!!!

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- AbrahamsSheepdog
  Posted on December 29, 2012 at 2:56pm
  You got that right. Simple.
  
  Report this comment
- soybomb315_II
  Posted on December 29, 2012 at 5:18pm
  @NC_Kayaker
  “”FAIR TAX!! Christian gospel teaches 10%!! Everyone pay same amount (in cases where extremely rich make more, 10% covers them!)”
  
  Actually, it is the flat tax where everyone pays the same rate (10% or whatever it is set at). The flat tax varies considerably by the amount of stuff a person buys and the whether it is included in the fair tax (subsidized)….
  
  Report this comment
- soybomb315_II
  Posted on December 29, 2012 at 5:44pm
  Correction….
  
  “The **FAIR** tax varies considerably by the amount of stuff a person buys and the whether it is included in the fair tax (subsidized)….
  
  Report this comment
gyro
Posted on December 29, 2012 at 2:41pm
??? video second time ???
But on subject
USA = SCREWED

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- afishfarted
  Posted on December 29, 2012 at 2:47pm
  by design, no doubt. and it’s safe to say by both parties
  
  Report this comment
- 3-Blue
  Posted on December 29, 2012 at 3:16pm
  Yeah, but the government is only a reflection of us. We’re all to blame. If people turned out in droves and voted in a sane way, all of these problems would go away almost instantly. But we’re idiots and we are all going to pay for it. Big time. I guess hard times are the only tutor that humans really understand. Pathetic.
  
  If you think you’re not an idiot, then you are a real idiot. We took God out of it and this is the inevitable result. We can’t do it without him. Just the way it is, like it or not. It’s very comforting to know that when we leave arrogance aside and rely solely upon God everything is beautiful. Unless of course you’re an idiot country which is in the process of scouring the creator from the public record. Then it’s going to suck, big time. Oh wait, that’s us. Oh for joy. We’re screwed.
  
  It’s ok. Don’t worry. In a thousand years or so we’ll get it right after we fail a few score more times and go through heaps more human misery. I can’t wait. How ’bout you? Bring on the death and destruction… :) God, we’re stupid.
  
  Report this comment
- afishfarted
  Posted on December 29, 2012 at 3:49pm
  If it’s any consolation, and not to sound like a sore looser or conspiracy theorist, there are insiders saying the election was fixed. Meaning the people did indeed vote to oust the marxist. So, if God were to punish us for voting him in, then by reason He will punish those who defrauded us.
  We shall see
  
  Report this comment
- gyro
  Posted on December 29, 2012 at 6:38pm
  3-Blue your not stupid !!! pass the smarts around many need it
  
  Report this comment
RabidPatriot
Posted on December 29, 2012 at 2:36pm
Obama loves these nonsense CBO predictions. His entire economic strategy is based on fairytale long-term predictions. It is how he falsely presented his Obamacare tax hike as deficit neutral.

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AlwaysAmazed
Posted on December 29, 2012 at 2:23pm
Skip the comments. I’ve had my fill with trying to post on the blaze for today.

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- The-Monk
  Posted on December 29, 2012 at 2:38pm
  Hi AlwaysAmazed,
  
  What’s up?
  
  Report this comment
- gyro
  Posted on December 29, 2012 at 2:43pm
  your coments always looked at
  often disagreed with but read
  
  Report this comment
- gyro
  Posted on December 29, 2012 at 2:46pm
  Hi the monk
  This is the perfect topic a bunch of numbers that could meen anything depending on your opinion !
  
  Report this comment
- The-Monk
  Posted on December 29, 2012 at 2:55pm
  Hi Gyro,
  
  Well, I look at it this way. the GDP for 2011 was $15,094,000,000,000 and the current debt is $16,415,000,000,000.
  
  This means that the GDP to debt is over 100% and the CBO employees are lying again.
  
  Report this comment
- SamIamTwo
  Posted on December 29, 2012 at 6:23pm
  Nah, def a typo or misplayed decimal. LmAO
  
  Corrections always come out after elections.
  
  Report this comment
- gyro
  Posted on December 29, 2012 at 6:41pm
  The monk = let me check this with my calculator
  tap tap tap
  hm
  tap tap
  hm
  OMGOSH IT EXPLODED
  sorry no results possable the math is nuts
  :)
  
  Report this comment
- AlwaysAmazed
  Posted on December 29, 2012 at 8:14pm
  Hi Monk,
  I’m Back for the moment. All seems to be well…
  Everybody in DC has stepped out on vacation and nothing of consequence has been accomplished (again). Just another rotten day in paradise!
  Do you really think we need all these [clowns] on the payroll? Makes a guy wonder…
  
  Report this comment
Silversmith
Posted on December 29, 2012 at 2:23pm
And America re-elected this??? I DON”T THINK SO.

yep. conspiracy.

Silversmith

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- nc_kayaker
  Posted on December 29, 2012 at 2:51pm
  You may not have voted for this, but the majority of voters did!!
  Skip scamp scalliwops are the majority now. boofreakin hoo. Society sucks & we live in the Devil’s platground! read the book of Job. Period!
  
  Report this comment
- DougHuffman
  Posted on December 29, 2012 at 3:04pm
  Or read H. L. Mencken, ”
  Democracy is a pathetic belief in the collective wisdom of individual ignorance. No one in this world, so far as I know—and I have researched the records for years, and employed agents to help me—has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby. (Notes On Journalism in the Chicago Tribune (19 September 1926)”
  
  μολων λαβέ molṑn labé ΜΟΛΩΝ ΛΑΒE “From my cold, dead hands” works for me.
  
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- zombieocracy
  Posted on December 29, 2012 at 6:15pm
  This administration is 1984 meets Idiocracy.
  
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