The CBO Determines Which Bills Get Passed Based on Biased and Inaccurate Projections – It’s Time to Abolish the CBO!
Guest post by Joe Hoft
Congress allows the CBO, a non elected government body, to determine what bills become law based on the CBO’s politically biased and inaccurate projections – It’s time to Abolish the CBO!
The Congressional Budget Office (CBO) states that –
Since 1975, CBO has produced independent analyses of budgetary and economic issues to support the Congressional budget process. Each year, the agency’s economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.
CBO is strictly nonpartisan; conducts objective, impartial analysis; and hires its employees solely on the basis of professional competence without regard to political affiliation. CBO does not make policy recommendations, and each report and cost estimate summarizes the methodology underlying the analysis. Learn more about CBO’s commitment to objectivity and transparency.
CBO’s work follows processes specified in the Congressional Budget and Impoundment Control Act of 1974 (which established the agency) or developed by the agency in concert with the House and Senate Budget Committees and the Congressional leadership.
Based on bills that CBO has rated over the past decade (e.g. Obamacare), the CBO is clearly not independent, objective or transparent.
Forbes reported that the CBO blew it with Obamacare in a number of ways. They projected it would be solvent over 10 years:
CBO projected that the exchanges would be stable by now with more than twice as many enrollees as they currently have, rather than suffering from severe adverse selection in most states as they now are. Second, CBO projected that the ACA Medicaid expansion would be much smaller and less expensive than it has turned out to be.
The CBO determined that the GOP tax plan will add $1.7 trillion in deficit increases over the next 10 years. This information is being used by Democrats as a political weapon to vote against the tax bill that will be the biggest boom to American families and the American economy in history.
Newt Gingrich was on the Fox Business Network’s Mornings with Maria in May in the lead up to Obamacare repeal and he had this to say about the CBO with the host Maria Bartiromo:
Maria: Let me ask you about the CBO and the health scoring…
Newt: They should abolish CBO.
Maria: You don’t believe the scoring?
Newt: They were totally wrong on Obamacare. I mean, and I said this before it happened. I said this months ago. Abolish CBO. It is totally destructive. It is totally dishonest. It is, it was were unbelievably wrong about Obamacare. Go back and pull up how wrong they were. Let’s just assume they are equally wrong about the Republican bill.
Maria: So what happens now.
Newt: Well now its going to become, of course, everybody is going to run in circles. Republicans will be intimidated cause Republicans don’t understand they’re in a war and Republicans would like people to like them.
Some individuals are seeing how wrong the CBO is and how it impacts legislation to the point where it is the body that determines if a bill becomes a law:
If laws are going to be decided by CBO & JCT estimates, then Congress would be redundant, superfluous. Some legislators are finally asking vital questions about that.
If laws are going to be decided by CBO & JCT estimates, then Congress would be redundant, superfluous. Some legislators are finally asking vital questions about that. https://t.co/5MwR5xN0hj
— AlanReynoldsEcon (@AlanReynoldsEcn) November 18, 2017