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RightNation.US: One of those 'things' - RightNation.US

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One of those 'things'

One of those things that just irritates me to no end.
Watching a report on the FOX News channel, regarding the CBO report, released today (19 Aug 10) that "forecasts" the Federal Budget deficit for this year, through 2013. This year, 1.34 trillion, slightly over 1 trillion next year, and 665 billion in 2012. (I don't recall what the deficit was in 2013.)
One point the reporter made was that, by Law, the CBO assumes that in the years to come, 2011-2013 for this report, they assume that Congress does nothing additional to what is known to be in the system already. That is, it assumes that Congress will NOT add to the Federal Budget Deficit by an increase in spending, over and above what is known when the report is produced, and that planned expenditures will be exactly what is estimated in existing Law.
Also, that any planned revenues actually arrive in the U. S. Treasury. That "estimates" for tax receipts are actually accurate. (And when was the last time that happened?)
The one thing that really caught my ear, and the catalyst for this post, was in regards to the discussion going on up on Capitol Hill (Congress) about possibly extending all or part of the "Bush tax cuts" for a time.
Remember, the CBO-by Law, must assume planned for financial events take place as, well….planned.
And the current "plan" is that the "Bush tax cuts" expire-all of them, in a little over four months time.
But when the reporter said that should Congress decide to extend the tax cuts for a year or two or…..then it will "cost" billions and billions of dollars, driving up the Deficit far beyond the current "estimate".
And that concept, that NOT getting something is an expense, that NOT getting tax dollars "costs" money, THAT is the one of those things that bugs me to no end.
For it assumes that unrealized revenue is somehow something that the Government owned in the first place. That NOT reducing expenditures, when faced with reduced income, doesn't even merit consideration, is insanity!
But it's EXACTLY what our 'leaders' do every year. And should revenues exceed estimates, THAT money isn't used to help pay of the debt, nope it's spent on "critical" this or that, because Congress and President's simply cannot bring themselves to NOT spend every dime imaginable.
Even when they know it means debt that will be left for our children and Grand children to pay off.
Maybe especially when it means it will be left for our children and Grand children to pay off.

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