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Subject:  Re: The Fiscal Cliff-Solving the wrong problem Date:  11/15/2012  9:08 AM
Author:  patchdodd Number:  408577 of 536890

Twelve years ago the CBO projected that if no changes to tax code or spending were made, that within 10 years we would have a $6 trillion surplus. At the time the total US debt was about $5.5 trillion.

The CBO was wrong.

The Bush era tax cuts "cost" the government around $2T, $2T not counting any economic activity generated by those tax cuts. Those projections were pie-in-the-sky this-time-it's-different mentality. Shortly after the US got hamnmered by the bursting bubble and associated recession. So much for the CBO projections.
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