In ....uh.... 2014!
Posted on 09/01/2011 2:48:32 PM PDT by tobyhill
The United States will not fall into a new recession despite sharp cuts to government spending, but unemployment could remain above eight percent through 2013, the White House said Thursday.
While growth will stay sluggish this year, in the 1.7-2.2 percent range, the economy is not expected to contract, according to a mid-year fiscal budget review by the Office of Management and Budget.
Even though growth remains weak two years after the last contraction ended, "We are not forecasting a double-dip recession," said Katharine Abraham, a member of the White House Council of Economic Advisers.
Owing to steep spending cuts and a better-than-expected rise in receipts, the country's huge fiscal deficit -- which earned it a first-ever downgrade from ratings agency Standard & Poor's in August -- will be only 8.8 percent of gross domestic product this year, compared to 10.9 percent anticipated in January.
The deficit will fall to 6.1 percent of GDP by next year and just 2.7 percent in 2014, the OMB forecast.
(Excerpt) Read more at google.com ...
Why should I believe this garbage? This White House said that unemployment would not go above 8% if the Stimulus Plan was passed and it went above 10%, and is still above 9%. Liars!
He is a failure. Pure and simple. He must be FIRED in 2012 and replaced with anyone.
Hell, a box of ROCKS would make better decisions than this clown. Why? Because a box of rocks would do NOTHING.
Frankly, folks, and I know this may anger many of you, but ANY OF THE REPUBLICANS would move us closer to prosperity than Hussein and his executive-order-issuing-ass.
He is bereft of any ability to help America prosper. He can only enslave this and future generations to his perverted vision of our nation.
Is there really ANYONE left in the United States stupid enough to believe ANYTHING that comes out of the White House?
Why are we blaming Obama? He’s doing exactly what he said he would do and doing what a majority of people who voted for him wanted him to do.
The Republicans on the other hand are doing exactly the opposite of what they said they would do. They’ve had the ability to stop everything this year. They were given a gift by the Democrats when they passed a continuing resolution lasting until March. Republicans were given another gift when the Democrats decided they wanted a debt ceiling increase that would last through 2012. Republicans have wasted those gifts not because Obama made them but because THEY DECIDED they wanted more deficits.
Our Founders create a system of government where every branch is accountable for what the government does. We KNOW Republicans lied to us when they said they were Conservatives.
Well, I think Obama has good idea about predicting stuff 3 YEARS IN THE FUTURE (and AFTER the 2012 election). Sooo good, I want to try my hand at it, too!!!
I, Squeeky Fromm, Girl Reporter, do hereby PREDICT that in 2014 I will stop drinking sooo much Franzia White Zinfadel Wine.
There. That was easy!!! Time to head to the fridge with my glass!!!
“The deficit will fall to 6.1 percent of GDP by next year and just 2.7 percent in 2014, the OMB forecast.”
Only if the economy recovers, makes up for lost growth, the S&P500 reaches a new record, the Bush Tax cuts expire, the payroll tax cut and spending increases from the Tax Act of 2010 aren’t extended, etc. etc. etc.
As a post above said, we are always given a sucky day in return for a promise of a better tomorrow. Well it’s never tomorrow.
In ....uh.... 2014!
Uh did they add in interest on the debt? That number sound a few trillion off there.
This is just yet another Big Lie from the audacious Conman-In-Chief, Oblamer.
In these projections, OMB assumes the Bush-Obama tax rates will expire at the end of 2012.
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