Photo above: The Hertford Bridge in Oxford, England. Used by Permission. © Tom Ley 01302 782837

Monday, February 1, 2010

Quick Links on the Economy by Dr. Douglas O. Walker

Here are five links to materials and news articles relevant to the President's just released Federal budget proposal:
  1. The OMB budget page with the budget Overview for FY 2011, its details and the Summary Tables with the numbers. The Economic Assumptions on which the budget is based show an expected real increase in GDP for 2010 of 2.7 per cent and a corresponding deficit of 10.6 percent of the GDP.
  2. Here is the latest CBO outlook on the budget and the economy. The economic assumptions behind the CBO forecasts are considerably more pessimistic than those of the Administration. GDP is expected by the CBO to rise only 2.1 per cent in 2010. But its forecasts yield a deficit of 9.2 per cent of the GDP. My guess: Both the OMB and CBO forecasts are optimistic.
  3. The latest Social Security report is for 2009 and was released in May of last year. It pointed out that Social Security and Medicare are simply not sustainable and deficits in these programs will soon be upon us. Medicare's financial difficulties will come sooner -- and be much more severe than those confronting Social Security. It's Hospital Insurance Trust Fund is now projected to run out of money in 2017. 
  4. The Wall Street Journal on the President's budget. It points out the deficit will shoot up.
  5. The New York Times on the President's budget. It points out Obama will reduce the deficit

1 comment: