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re: National debt tops $22 trillion for the first time as experts warn of ripple effects
Posted on 2/13/19 at 4:34 pm to cahoots
Posted on 2/13/19 at 4:34 pm to cahoots
Baseline (budgeting)
quote:
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate.[1] Twice a year—generally in January and August—CBO prepares baseline projections of federal revenues, outlays, and the surplus or deficit. Those projections are designed to show what would happen if current budgetary policies were continued as is—that is, they serve as a benchmark for assessing possible changes in policy. They are not forecasts of actual budget outcomes, since the Congress will undoubtedly enact legislation that will change revenues and outlays. Similarly, they are not intended to represent the appropriate or desirable levels of federal taxes and spending.[2]
quote:
The Balanced Budget and Emergency Deficit Control Act of 1985 provided the first legal definition of baseline. For the most part, the act defined the baseline in conformity with previous usage. If appropriations had not been enacted for the upcoming fiscal year, the baseline was to assume the previous year's level without any adjustment for inflation. In 1987, however, the Congress amended the definition of the baseline so that discretionary appropriations would be adjusted to keep pace with inflation. Other technical changes, annual increase of now approximately 3% plus inflation, to the definition of the baseline were enacted in 1990, 1993, and 1997. Presently, the [automatic annual] Baseline Budgeting increase is about 7%.
Posted on 2/13/19 at 4:41 pm to wickowick
I don’t think he’s going to be able to separate out descritionary v. the rest of the budget to be able to back the numbers out. He (apparently) thinks baseline applies to the entire budget. It doesn’t. I don’t really want to do his homework for him.
This post was edited on 2/13/19 at 4:47 pm
Posted on 2/14/19 at 10:39 am to wickowick
quote:
Presently, the [automatic annual] Baseline Budgeting increase is about 7%.
Do you interpret this to mean that it is 7% annually in following years? Why hasn't that happened? Baseline budgeting doesn't set population growth rate or inflation rate adjustments for future years. Neither do they mandate future spending. Agency budgets have not grown anywhere near 5% annually, nor has discretionary spending. Your presentation so far has been exactly wrong.
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