Monday, July 20, 2009

The reality...

The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.5 percent in June and appears headed for double digits.

Obama's current forecast anticipates 3.2 percent growth next year, then 4 percent or higher growth from 2011 to 2013. Private forecasts are less optimistic, especially for next year.

Any downward revision in growth or revenue projections would mean that budget deficits would be far higher than the administration is now suggesting.

The reality does not match the promises. The predictions do not add up based on the current reality. The stimulus has not lived up to its billing and the economy is worse than predicted, therefore you cannot continue to bend the numbers to support the spending.

"The administration has projected that the annual deficit for the current budget year will hit $1.84 trillion, four times the size of last year's deficit of $455 billion. Private forecasters suggest that shortfall may actually top $2 trillion"

4 times larger than Bush and his egregious Iraq spending.


1 comment:

  1. What deficit? Hurry up and get everything through congress. Pass everything! Go go go! Spend spend spend!

    ReplyDelete