Obama’s Economic Credibility Hits Bottom
Not only did Obama’s plan not halt or reverse the economic down slide, it made it twice as bad! Of course anyone with common sense should have known you can’t spend yourself out of debt or dig yourself out of a hole.
U.S. unemployment will surge to 10 percent this year and the budget deficit will widen to $1.5 trillion next year, reflecting a “deeper recession” than previously expected, White House budget chief Peter Orszag said.
The Office of Management and Budget also forecasts that the U.S. economy will shrink 2.8 percent this year, worse than the 1.2 percent contraction the OMB projected in May. For next year, the budget office said the gross domestic product will grow 2.0 percent, less than the 3.2 percent expected in May. By 2011, the economy would be well on its way to recovery, growing at a 3.8 percent annual rate, according to the administration’s mid-year economic review, released this morning.
The budget shortfall for 2010 will mark the second straight year of trillion-dollar deficits. The projected deficit for the fiscal year that begins Oct. 1 is higher than the $1.26 trillion forecast in May and reflects expectations economic growth will be slower this year and next because of “the severity of the crisis in the U.S. and in our trading partners,” said Christina Romer, White House chief economist, who along with Orszag briefed reporters on the report.
Wow! What a failure! Orszag should resign. Take a look at his predictions in March vs. reality.
Why did the OMB hold out this long against CBO predictions? Simple; the Obama administration needed sunnier numbers in order to justify its plans to spend vast sums of money on its social-engineering agenda. Even in the best of times, these programs would be disastrous, but during a deep recession, they will kill any hope of economic growth. In short, OMB indulged in political hackery, hoping to continue their deception long enough to get ObamaCare and cap-and-trade through a compliant Congress. Now they have to admit that they either conducted an incompetent analysis while most significant economists scoffed at their projections for growth, or cooked the books.
Ready for that 10% unemployment? We are in debt so deep we can’t touch bottom and Obama wants to pour more water in the pool and tie a few concrete blocks to our ankles. He wants to pass this massively expensive healthcare reform with no plan or means to pay for it. IRRESPONSIBLE, inexperienced, and reckless!
“Adding insult to gimmickry, President Obama’s budget continues to assume that Congressional Democrats will allow “stimulus” pet projects to expire, that a government take-over of health care will be budget neutral and that the economy will return to a roaring 3.2 percent growth next year. These assumptions defy logic almost as much as President Obama’s spending defies gravity.”
Jim Hoft: Obamageddon!
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Posted by Jay on August 25, 2009 8:16 pm
» Filed Under Anti-Capitalism, Barack Obama, Congress, Democrats, Economy, Government corruption, Government malfeasance/misfeasance, Government tyranny, Marxism, News, Politics As Usual, Recession/Depression, Social Engineering, Socialism, Stupidity, Totalitarianism, Unemployment, economic stimulus, liberalism
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How, in your mind, do the numbers you’re using support your argument that Obama’s economic programs were ineffectual?