John Tanner said "If the CBO estimators are wrong in guessing or in predicting what the rate of growth of the economy of this country is going to be for the next 10 years by just one-tenth of 1 percent, if they say over the next 10 years, the rate of growth of the economy is going to be 2.7 percent a year, and it is 2.6, do we know how much money the surplus is reduced just on missing that 10-year guess, one-tenth of 1 percent? It is $211 billion. It is huge, because it is geometrical. I would submit to my colleagues that no human being, Alan Greenspan maybe excepted, but no human being can tell me or anybody else in this country what the rate of growth of the economy of this Nation is going to be for the next 10 years, and that is why we ought to err on the side of caution as we go forward here, rather than pretending like this is real money that is already here. It is not." @ PoliticalQuotes.com

On the recordFebruary 9, 2000

If the CBO estimators are wrong in guessing or in predicting what the rate of growth of the economy of this country is going to be for the next 10 years by just one-tenth of 1 percent, if they say over the next 10 years, the rate of growth of the economy is going to be 2.7 percent a year, and it is 2.6, do we know how much money the surplus is reduced just on missing that 10-year guess, one-tenth of 1 percent? It is $211 billion. It is huge, because it is geometrical. I would submit to my colleagues that no human being, Alan Greenspan maybe excepted, but no human being can tell me or anybody else in this country what the rate of growth of the economy of this Nation is going to be for the next 10 years, and that is why we ought to err on the side of caution as we go forward here, rather than pretending like this is real money that is already here. It is not.

Said by

John Tanner

Tennessee

Source

govinfo.gov

Editor's note · Context

Discussing the uncertainty of budget projections and economic growth rates.

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