Dec
8

CBO needs new blood: Opposing view
By:Michael A. Needham

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CBO's inattention to dynamic effects causes it to overestimate revenue gains from tax hikes, overstate revenue losses from tax cuts,Most Americans have never heard of the Congressional Budget Office, so it may come as a surprise that an intense debate is occurring in Washington about the agency and its director, Doug Elmendorf. While some are urging the new, Republican-controlled Congress to keep the Democratic appointee, the better approach would be to bring in new blood.

CBO scores have an outsized impact on the workings of Capitol Hill; unfavorable scores often end legislative debates before they begin. Elmendorf’s CBO is widely respected as a supposedly neutral arbiter of legislative costs. But on several occasions its rulings — rosy estimates of job gains from the stimulus and predictions downplaying job losses from Obamacare, for example — have done the policy debate a disservice.

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