While debt projections have improved, CBO’s economic outlook has deteriorated significantly. Not only is the economy continuing to operate below its potential, but also CBO has grown more pessimistic about how much potential the economy actually has. Economists use potential GDP to measure how much an economy could produce if it were operating at full steam—that is, with low unemployment, high rates of capacity utilization, and stable inflation—or what CBO calls maximum sustainable GDP.
To understand the impact of spending cuts on the overall economy, we can look at CBO’s changing estimates of potential GDP in the first quarter of 2014 and its estimate for potential GDP at the end of 2020. Relative to CBO’s estimates made in 2010 about the state of the economy, its most recent estimate shows growth of the U.S. economy’s supply-side potential is $351 billion smaller now after three years of spending cuts. CBO estimates also indicate the potential future growth path for the U.S. economy decreased by $633 billion through the end of 2020, following the austerity-burdened recovery.
http://www.americanprogress.org/issu...akes-no-sense/

Keep voting for those right wing morons, dimwits.
To understand the impact of spending cuts on the overall economy, we can look at CBO’s changing estimates of potential GDP in the first quarter of 2014 and its estimate for potential GDP at the end of 2020. Relative to CBO’s estimates made in 2010 about the state of the economy, its most recent estimate shows growth of the U.S. economy’s supply-side potential is $351 billion smaller now after three years of spending cuts. CBO estimates also indicate the potential future growth path for the U.S. economy decreased by $633 billion through the end of 2020, following the austerity-burdened recovery.
http://www.americanprogress.org/issu...akes-no-sense/

Keep voting for those right wing morons, dimwits.

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