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OBR forecast deficit of 6.6% this year, 5.5% next year, then 4.2%, then 2.4%, then 0.8%.
Despite a forecast deficit of up to 150,000 tonnes in the year ending in September 2001, cocoa prices have fallen to a 27-year low.
Except the Coalition has spent years telling us the previously forecast deficit and debt levels were a disaster and an emergency, which surely means – by its own reasoning – that bigger deficits are an even bigger disaster.
John Cogan, one of the governor's financial advisers, points out that even if all of the forecast deficit were to be closed by spending cuts, it would still leave state spending per head above its level in 1999.
The commission thinks Portugal's sin was to let public spending soar out of control, pushing the forecast deficit in early 2005 up to 6.8% of GDP, the highest in the euro zone.
Osborne's four-year squeeze delivered three years of recession and stagnation, a forecast deficit of £75bn instead of a balanced budget and the longest fall in living standards since the 19th century.
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TODAY'S recommended economics writing: Peter Orszag comments on the changes in forecast deficits.
Under the more optimistic forecast, deficits would increase $2.8 trillion (for a debt equal to 97 percent of G.D.P).
The budget director, David Stockman, forecast deficits "as far as the eye could see," and others in the White House leaked stories alleging Mr. Reagan's economic ignorance.
Mere mortals say 'over the next four years.' Labor's economic statement forecast deficits in 2013-14, 2015-16, 2015-16 before a return to surplus in 2016-17.
Professor Chris Ham, chief executive of the independent health thinktank, the King's Fund told the Guardian: "These forecast deficits provide further evidence of the escalating financial crisis in the NHS, as well as the longstanding challenges facing London's health system.
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