Skip to comments.Thomas Sowell to Newsmax: CBO Should Be Abolished (Video interview)
Posted on 03/16/2012 10:19:54 AM PDT by jazusamo
VIDEO AT LINK
Conservative economist Thomas Sowell is calling for the abolishment of the Congressional Budget Office (CBO) after it revealed this week that Obamacare may cost American taxpayers nearly twice the $940 billion it originally estimated -- $1.7 trillion over the next decade.
I think occasionally the CBO does something thats useful, Sowell told Newsmax.TV in an exclusive interview. But by and large, I think it should be abolished.
In September 2009, President Obama estimated healthcare reform under the Patient Protection and Affordable Care Act would cost an additional $900 billion over 10 years. The CBO initially projected the cost at $940 billion.
Adding insult to injury, the CBOs latest projections also indicate that some 3 million Americans will lose their employer-based insurance coverage. This comes despite the repeatedly assurances of the president and others that they would be able to stay on their current employer-based policies, if they wished to do so.
In the interview, Sowell says it is time to seriously consider whether the CBO has outlived its usefulness.
Its one of a number of federal agencies that give the public a sense of assurance in things where there is no assurance, said the award-winning economist, who recently released a revised edition of his book Intellectuals and Society.
Sowell has long favored free markets, and objects to the tendency to prescribe and control consumer behaviors. He contends that bureaucracies often try to pick winners and losers in markets they are ill-equipped to understand.
(Excerpt) Read more at newsmax.com ...
How could the CBO make a mistake by half? Answer: Obama got to them, that’s how.
No question that you’re correct, Obama does just as he pleases.
And only by half IF the latest projections are accurate. Judging by past performance, they're probably low-balling again.
Thanks for that Jaz.
It is always used to justify something with years out predictions, so politicians can cut taxes while increasing spending NOW to get re-elected while claiming it will all be pay for itself 2 to 5 congresses in the future, based on CBO estimates. Other times they overestimate tax increases revenues and always underestimate program costs.
It'll be more than 3 million - the incentives for businesses to dump health insurance are overwhelming under ObamaCare.
The 'you can keep your health insurance' lie was based on an earlier untruth - that companies wouldn't figure out how much they 'save' by going along. Soon the only people with good health care - and insurance - will be government workers and union goons.
“It is always used to justify something with years out predictions, so politicians can cut taxes while increasing spending NOW to get re-elected while claiming it will all be pay for itself 2 to 5 congresses in the future, based on CBO estimates. Other times they overestimate tax increases revenues and always underestimate program costs.” Standard Operating Proceedure.
Yep.....figure 2 TRILLION +......and THAT might be low.
I vote for “let’s pretend”
Do you remember when the CBO initially came out with unfavorable numbers for Obamacare, and Obama was so angry about it? Hannity seized upon that temporary report, and kept repeating, “The CBO is the Gold Standard.”
And I thought, “You idiot! What are you going to say when they swallow Obama’s phony numbers later?”
Hannity I quit listening to 10 years ago. CBO is “Gold standard” ?
This is why : )
I mostly quit, but might watch part of the TV show if Michelle Malkin is on. Geraldo just about got her banned from Fox, but she makes appearances from time to time.
I fell in love with the CBO when they came out with a study that showed “preventive care will contribute to the costs of healthcare not reduce them”.
I quit watching FOX in 08. I got sick of AMNESTY Barnes, and the final nail was how happy Krauthammer was the night Obama won. I get my news from the net, and FR.
Sowell has only been right 99.98% of the time.....room for improvement : )
Dang! And I thought Dr. Sowell was perfect. :-)
“Dang! And I thought Dr. Sowell was perfect. :-) “
If he gets to 99.99.....well GIVE it to him!
Not to mention the whole WSJ crew and the other wall street characters on saturday morning. They were really bad in 2007. Eric Bolling, who is against amnesty and for real enforcement, came on Fox in 2008.
Media Matters said that Cavuto has an "anti-immigrant bias," but they ignore the pro-amnesty position of perhaps 90% of the Fox "business" characters.
That little monkey who owns Capitalist Pig was the worst : )
Sorry, but Fox has too many creeps working for them to dodge.
I stopped watching most of those shows when it dawned on me that anyone who saw things as I did, should say no when asked to appear on them.
All they do is set them up, and then allow the majority of the panel to frame them as racists or lunatics.
By going on they don’t get their own views out. Well they do, but it is frames as them making rants.
No all they do by going there, is make it much easier for the Left to marginalize them.
You got that right. Geraldo complaining that the Tea Party didn't have enough brown people ... Grrrr.
Do NOT try to blame this on Obama.
The CBO was legislated into exist by design to goal seek for whichever political party is in power and find justification for stealing vast sums from future American taxpayers and redistributing it to special interest blocs immediately and very wealthy creditors in the long term.
This story can be rewritten replacing “Obamacare” with “Medicare RX” and “Obama” with “Bush” and the story would be the same.
Not disagreeing with you. Why have a CBO at all?
Why have a CBO at all?
Sowell’s general problem is this...
He supports a balanced budget amendment.
To produce a balanced budget, there has to be accountants, actuaries and auditors in place to evaluate the profits and costs to the government on each line item of each proposed piece of legislation and executive and judicial branch’s adjustment to law.
Something would have to replace the CBO for this to happen, and the big 4 accounting firms have proven themselves completely corrupted over the last decade.
There is no institution in the world that has the institutional depth and integrity needed to audit the budget of the US Federal Government.
Even a return to a gold standard would not fix this if it didn’t also expressly forbid fractional banking of the real value of the gold reserves. but the modern economy would cease to function if that were made in to law.
Anything else I write would be all doom and gloom but you read that enough on FR. The thing about going bankrupt... Ernest Hemingway: How did you go bankrupt?” Two ways. Gradually, then suddenly.
“Ernest Hemingway: How did you go bankrupt? Two ways. Gradually, then suddenly.
Well.....you cannot impeach his reasoning..: )
When? Nothing comes to mind.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.