Congressional Budget Office warning

Is the Congressional Budget Office really making sense? Well, yes and no.

Yes because it is true. No because the “long term” is already here; it is now; it is happening and we are living it.

Up till last year, Cassandras could predict negative consequences “in the long run” and many have. The problem with telling people that something is harmful “in the long run” is that nobody feels the urgency and most will put it down to over cautionary statements of an overworked Chicken Little mind. Make no mistake. The indicators governments use to judge the state of society and the economy are by necessity lagging. It takes time to collect and collate information thus, for example, employment figures published today reflect the past. Today, I suspect we are if not well into depression territory then at least at its borders about to be pushed in by our own momentum. And piling up more debt on top of the mountain we’ve already taken out in the past thirty years is just plain crazy.

http://www.washingtontimes.com/news/2009/feb/04/cbo-obama-stimulus-harmful-over-long-haul/

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One Response to “Congressional Budget Office warning”

  1. IMF Says Advanced Economies Already in Depression « Guido’s Says:

    […] https://guidoromero.wordpress.com/2009/02/07/151/ […]

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