CBO's Forecasting Errors: A Threat to Honest Budgeting?
Charleston West Virginia News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The Congressional Budget Office (CBO) is under fire for significant forecasting errors that seem to align with Democrats large tax and spend plans. Critics argue that the CBOs projections on healthcare costs and deficit impacts have been consistently off, costing taxpayers billions. Open the Books deputy public policy editor, Rachel OBrien, explains how these misses keep happening, enabling lawmakers to pursue policies that increase the debt. Lawmakers and watchdogs are outraged, claiming it undermines trust in neutral budget advice. Republicans, in particular, accuse the CBO of biased analysis that conceals the true cost of progressive agendas. Recent reports reveal the CBO overestimated savings from ObamaCare by hundreds of billions and underestimated inflation hits from recent bills. Officials are advocating for reforms to enhance the CBOs accountability. This scrutiny of the CBO could lead to genuine changes in Congresss budgeting process, maintaining pressure for accurate numbers in the future.
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