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Thomas Sowell to Newsmax: CBO Should Be Abolished (Video interview)
NewsMax ^ | March 15, 2012 | David A. Patten

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 that’s 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 CBO’s 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.

“It’s 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 ...


TOPICS: Business/Economy; Culture/Society; Extended News; Government
KEYWORDS: cbo; constitution; economy; obama; oil; sowell; taxes; thomassowell

1 posted on 03/16/2012 10:20:04 AM PDT by jazusamo
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To: abigail2; Amalie; American Quilter; arthurus; awelliott; Bahbah; bamahead; Battle Axe; ...
*PING*
Thomas Sowell

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Recent columns
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Please FReepmail me if you would like to be added to or removed from the Thomas Sowell ping list…

2 posted on 03/16/2012 10:23:32 AM PDT by jazusamo (Character assassination is just another form of voter fraud: Thomas Sowell)
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To: jazusamo

How could the CBO make a mistake by half? Answer: Obama got to them, that’s how.


3 posted on 03/16/2012 10:35:29 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker

No question that you’re correct, Obama does just as he pleases.


4 posted on 03/16/2012 10:37:34 AM PDT by jazusamo (Character assassination is just another form of voter fraud: Thomas Sowell)
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To: stephenjohnbanker
How could the CBO make a mistake by half? Answer: Obama got to them, that’s how.

And only by half IF the latest projections are accurate. Judging by past performance, they're probably low-balling again.

5 posted on 03/16/2012 10:46:50 AM PDT by BlatherNaut
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To: jazusamo

Thanks for that Jaz.


6 posted on 03/16/2012 10:56:05 AM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: stephenjohnbanker
One problem is that they had to follow the way Obamacare was written with benefits kicking in 4 years after the taxes start, so it was 10 years of tax covering 6 years of payments. It is now three years later so it is 10 years of taxes covering 9 years of payments. I don't know whether the CBO is the main source of error, or if it is the (at the time) Democratic Congress gave them intentionally bad numbers and made them play "let's pretend".
7 posted on 03/16/2012 11:02:28 AM PDT by KarlInOhio (You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
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To: jazusamo; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale; ..
This became obvious to me last year, The CBO always bases it's calculations on incorrect and usually dishonest assumptions manufactured by those in Washington to sell something good for them. It's work is politically useful, practically useless.

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.

8 posted on 03/16/2012 11:08:14 AM PDT by sickoflibs (Obama : "I will just make insurance companies give you health care for 'free, What Mandates??' ")
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To: jazusamo
Adding insult to injury, the CBO’s 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.

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.

9 posted on 03/16/2012 11:13:04 AM PDT by GOPJ (Democrat-Media Complex - buried stories and distorted facts... freeper 'andrew' Breitbart)
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To: sickoflibs; jazusamo; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; ...

“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.


10 posted on 03/16/2012 11:19:02 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: BlatherNaut

Yep.....figure 2 TRILLION +......and THAT might be low.


11 posted on 03/16/2012 11:20:44 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: KarlInOhio

I vote for “let’s pretend”


12 posted on 03/16/2012 11:24:59 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker; sickoflibs; jazusamo; ding_dong_daddy_from_dumas; DoughtyOne; calcowgirl

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?”


13 posted on 03/16/2012 11:30:13 AM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: sickoflibs; jazusamo; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl

Hannity I quit listening to 10 years ago. CBO is “Gold standard” ?

This is why : )


14 posted on 03/16/2012 11:40:05 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker; sickoflibs; jazusamo; ding_dong_daddy_from_dumas; DoughtyOne; calcowgirl
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.

15 posted on 03/16/2012 12:04:34 PM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: jazusamo
Thanks for the scary ping. I agree with Dr. Sowell, as usual.  
16 posted on 03/16/2012 12:07:08 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: jazusamo

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”.


17 posted on 03/16/2012 12:22:12 PM PDT by Cyman
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To: ding_dong_daddy_from_dumas; All

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.


18 posted on 03/16/2012 12:22:56 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: TheOldLady; jazusamo

Sowell has only been right 99.98% of the time.....room for improvement : )


19 posted on 03/16/2012 12:26:51 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker; TheOldLady
Sowell has only been right 99.98% of the time.....room for improvement

LOL!

Dang! And I thought Dr. Sowell was perfect. :-)

20 posted on 03/16/2012 12:31:55 PM PDT by jazusamo (Character assassination is just another form of voter fraud: Thomas Sowell)
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To: jazusamo; TheOldLady

“Dang! And I thought Dr. Sowell was perfect. :-) “

If he gets to 99.99.....well GIVE it to him!


21 posted on 03/16/2012 12:41:16 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: sickoflibs; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks sickoflibs. It'll be gone, as soon as Zero and his thugs get rid of Congress.


22 posted on 03/16/2012 1:10:52 PM PDT by SunkenCiv (I come to bury Caesar, not to praise him.)
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To: stephenjohnbanker; sickoflibs; DoughtyOne
I got sick of AMNESTY Barnes

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.

23 posted on 03/16/2012 1:42:55 PM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: ding_dong_daddy_from_dumas; sickoflibs; DoughtyOne

That little monkey who owns Capitalist Pig was the worst : )

Sorry, but Fox has too many creeps working for them to dodge.


24 posted on 03/16/2012 1:54:39 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: ding_dong_daddy_from_dumas

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.


25 posted on 03/16/2012 1:57:35 PM PDT by DoughtyOne (Abortion? No. Gov't heath care? No. Gore on warming? No. McCain on immigration? No.)
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To: stephenjohnbanker; sickoflibs; DoughtyOne; calcowgirl; AuntB
Sorry, but Fox has too many creeps working for them to dodge.

You got that right. Geraldo complaining that the Tea Party didn't have enough brown people ... Grrrr.

26 posted on 03/16/2012 2:02:11 PM PDT by ding_dong_daddy_from_dumas (Fool me once, shame on you -- twice, shame on me -- 100 times, it's U. S. immigration policy.)
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To: stephenjohnbanker

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.


27 posted on 03/16/2012 2:47:30 PM PDT by JerseyHighlander
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To: JerseyHighlander

Not disagreeing with you. Why have a CBO at all?


28 posted on 03/16/2012 2:52:43 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker

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.”


29 posted on 03/16/2012 3:04:51 PM PDT by JerseyHighlander
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To: JerseyHighlander

“Ernest Hemingway: “How did you go bankrupt?” Two ways. Gradually, then suddenly.”

Well.....you cannot impeach his reasoning..: )


30 posted on 03/16/2012 4:02:34 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: jazusamo; sickoflibs
“I think occasionally the CBO does something that’s useful,” Sowell told Newsmax.TV in an exclusive interview.

When? Nothing comes to mind.

31 posted on 03/19/2012 12:35:15 AM PDT by Impy (Don't call me red.)
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