Wednesday, February 1, 2012

Economy - #3618 - Congressional Budget Office: Taxes Will Shoot Up by More Than 30% Over the Next Two Years - CNS News (2) Latest Congressional Budget Outlook for 2012 - 2022 - Real Unemployment Rate is 10% (3) Soaring Beef Prices Force Shoppers to Find Other Foods - CBS Philly

The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO. At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes. “In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect. The U.S. economy, CBO projects, will perform “below its potential” for another six years and unemployment will remain above 7 percent for another three. Read more.......

Latest Congressional Budget Outlook for 2012-2012 - Real Unemployment Rate 10% - Zero Hedge -  ........2012 Deficit: $1.1 trillion; 2013 Deficit: $0.6 - yes, we are cackling like mad too...  Unemployment to remain above 8% in 2012 and 2013; will be around 7% by end of 2015; to drop to 5.25% by end of 2022.  This forecast is utterly idiotic and is completely unattainable unless the US workforce drops to all time lows and the US economy generates 300,000 jobs a month for 10 years  Needless to say, CBO assumes the best of all worlds in this meaningless forecast  But here is the kicker: "Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent" translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%. Thank you Read more..........

Soaring Beef Prices Force Shoppers to Find Other Foods - CBS Philly - Beef prices soared more than 10 percent last year according to the Department of Agriculture, and they will likely go up at least another 5 percent this year.  “It bumps up a bit, comes down a tiny bit, then it bounces again, and when it bounces, it goes up another dime, 15, 20 cents,” said Crimi, “and sometimes that’s in a week.” A drought across Texas and Oklahoma has made food and water scarce for cattle, which has kept herds small. The Department of Agriculture says there are 91 million cattle nationally, the smallest herd since 1952. Add to that the rising cost of feed and rising beef exports, and the price of beef in the states is surging.  Read more.......

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