Budget Oversight Office Needed For Australia

6 Mar

From Bloomberg:

Obama Budget Underestimates Deficit Over 10 Years, CBO Says

President Barack Obama’s budget proposal would generate bigger deficits than advertised each year for the next decade, with the 10-year shortfall totaling $1.2 trillion more than the administration estimated, according to the Congressional Budget Office.

The nonpartisan CBO, in an annual analysis of the White House budget proposal, said today that under Obama’s plan deficits would never shrink below 4 percent of the economy between now and 2020. The cumulative deficits would total $9.76 trillion, and debt held by the public would amount to 90 percent of the nation’s gross domestic product by 2020, the CBO said.

By 2020, the federal debt would grow to $20.3 trillion under Obama’s budget, according to CBO.

Those figures are all higher than the administration estimated last month…

On March 3rd I drew attention to how Rudd Labor has doctored the 2009-10 Budget numbers, to show both a higher GDP, and lower government spending, in the current year and in the forward projections.

It is high time that Australia had an independent, nonpartisan Budget Oversight Office, to forensically examine and then alert the public to the highly dubious accounting practices employed by the government to make itself appear far more fiscally responsible than it actually is.

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