Breaking: predictor who has never ever accurately predicted what will happen predicts something!!!!!
Ack. Give reporters a budget projection in the morning and they will have an article up that focuses on big shiny numbers by the afternoon.
Meanwhile, do they tell you how often the CBO's long term projections have come true? Well I will: exactly zero times.
Journalists, doctors and investment bankers: they get you every time.
UPDATE: We Simply Do Not Have a Deficit Problem for at Least the Next Three Presidential Terms
http://feedproxy.google.com/~r/BradDelongsSemi-dailyJournal/~3/EF3zTaGDMz0/we-simply-do-not-have-a-deficit-problem-for-at-least-the-next-three-presidential-terms.html
UPDATE: I know there's blogger etiquette against this, but here's Krugman's entire post on this nonsense. He can take it.
PAUL KRUGMAN BLOG
This Is Not A Crisis
CONGRESSIONAL BUDGET OFFICE
By PAUL KRUGMAN
Last Updated: 12:00 PM ET
It’s not even a picture of a crisis. The new CBO long-term budget projections are out, and while they’re not good, they don’t show crisis levels of debt even looking out a quarter-century. Unless, that is, you believe that debt of 100 percent of GDP is the end of the world even though Britain exceeded that level for a large part of its history:
The point is not that we should completely ignore issues of fiscal responsibility. It is that we are nowhere near fiscal crisis; we aren’t even looking at anything like a fiscal crisis 15 or 20 years from now. So budget deficits, entitlement reform, and all that simply don’t deserve to be policy priorities, let alone dominate the national discussion the way they did for the past few years.
NEXT ARTICLE
PAUL KRUGMAN BLOG
They Have Made A Desert, And Called It Reform
Austerians claiming succeess.
MORE IN PAUL KRUGMAN
PAUL KRUGMAN BLOG
More on the Coming French Imperium
Keep your eye on demography.
THE CONSCIENCE OF A LIBERAL
The Political Economy of Bloombergism
New York is not America.
PAUL KRUGMAN BLOG
In Front of Their Noses
On learning nothing from events.