Oh my James Kwak is not pleased at all with the CBO
I didn’t realize until reading Klein’s blog post that the CBO changed its spending assumption just last year. In 2011, this is how it projected spending other than on Social Security and health care: “Beyond 2021, other spending stays at the same share of GDP projected for 2021 . . .” And this is how it changed in 2012: “For projections beyond 2022, CBO assumed that such spending would, during a five-year transition period, gradually return to its average share of GDP during the past 20 years.” The net difference from this one assumption is about 2 percent of GDP. This is a huge amount
Looks like I have to photomutilate a Gary Larson cartoon again
If you think that Elmendorf (and Larson) might be irritated, don't even think of what will happen if Krugman notices that I made Kwak thinner and (I shudder to tyoe this) with thicker hair.