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Update to CBO January 2020 economic projections and extend data to 2030 #331

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merged 3 commits into from
Mar 10, 2020

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Peter-Metz
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This PR updates TaxData to use the latest CBO economic projections. The general steps I took were:

  1. Follow instructions in CBO_Baseline_Updating_Instructions.md
  2. Run puf_data/StatMatch/runmatch.py after adding asec2016_pubuse_v3.dat to the repo
  3. Run Make all

A few notes:

  1. The format of the CBO capital gains data changed, so updatecbo.py does not successfully retrieve the CG data. I got around this by manually updating the CG data in CBO_baseline.csv, but we might want to address this issue in a future PR.
  2. In running Make all, the new weights files did not successfully overwrite the old files. To get this process to work, I had to delete *_weights.csv.gz before running Make all.
  3. I made a slight adjustment to puf_stage2/stage2.py line 68 so that stage3.py is able to read the file.
  4. @andersonfrailey confirmed that the 2030 growth rates in benefit_growth_rates.csv should be the same as 2027-2029. If this continues to be the case for future years, we should consider adding a note to CBO_Baseline_Updating_Instructions.md

cc @MattHJensen @andersonfrailey

@Peter-Metz
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Following up on our conversation during yesterday's Tax-Calc call, here's how the CBO update will affect aggregate Tax-Calc statistics using both the PUF and CPS:

Screen Shot 2020-03-04 at 12 03 29 PM
Screen Shot 2020-03-04 at 11 59 40 AM
Screen Shot 2020-03-04 at 12 03 40 PM
Screen Shot 2020-03-04 at 11 59 52 AM

I believe the direction of these results makes sense because some factors in growfactors.csv like inflation and wage growth were adjusted downwards, but would appreciate a second pair of eyes on this.

@MattHJensen @andersonfrailey

@andersonfrailey
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Thanks for the PR, @Peter-Metz. At a (very) quick glance, this looks good. I can give it a more thorough review next week if there's no rush to merge it and get a new version of Tax-Calc out

@donboyd5
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donboyd5 commented Mar 5, 2020 via email

@Peter-Metz
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Thanks a lot for the review @andersonfrailey and @donboyd5.

Anderson - there's no rush to merge so a closer look whenever you get the chance would be great. Thanks!

@andersonfrailey
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All seems good to me!

@MattHJensen
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@Peter-Metz, thanks a great deal for the PR and @donboyd5 and @andersonfrailey for the reviews. The results look to be as expected to me as well. Merging.

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4 participants