Well, Dear Leader has spoken. He predicts what we’re going to see in the economy over the next few months.
Here is the article:
Obama: Unemployment likely to keep ticking up
Ben Feller, Associated Press
WASHINGTON – President Barack Obama on Tuesday declined to predict how high unemployment will climb but made clear he expects it to keep worsening for a while as hiring lags behind other signs of economic recovery.
“How employment numbers are going to respond is not year clear,” the president said on a day when he was headed to Michigan, home of a particularly battered economy. “My expectation is that we will probably continue to see unemployment tick up for several months.”
The unemployment rate stands at 9.5 percent, the highest in 26 years.
Obama, addressing reporters in the Oval Office, said the stabilization of the financial markets has allowed banks to start lending again and some small businesses to stay afloat. But he said his administration is aware that the most important factor is whether people are able to get good-paying jobs.
More than 2 million jobs have been lost since Congress passed Obama’s $787 billion economic stimulus package. Without that government intervention, Obama said, states like Michigan would be even worse shape because they would have had to lay off more teachers, firefighters and other workers.
The White House has been criticized for being overly rosy about employment projections. Just 10 days before taking office, Obama’s top economic advisers released a report predicting unemployment would remain at 8 percent or below through this year if an economic stimulus plan won congressional approval.
Instead, it is headed toward double digits.
The president said the creation of jobs that pay good wages is the “single biggest challenge” in the recovery for the U.S. and governments worldwide. He defended his multi-pronged agenda of trying to revamp health care, energy, science innovation and infrastructure as the key to real economic growth.
“Those foundations are so critical because we’ve got to find new models of economic growth,” Obama said.
Obama was headed later to Michigan to promote investments in community colleges. The state’s unemployment rate is the nation’s highest, 14.1 percent.
The president spoke after a wide-ranging meeting with Dutch Prime Minister Jan Peter Balkenende.
Now, remember the forecasting these people used to push the Obama stimulus plan:
For the first time, the administration admitted the economic forecasts it used to sell the stimulus were overly optimistic.
“At the time, our forecast seemed reasonable,” Vice President Joe Biden’s top economic adviser, Jared Bernstein, said Monday, explaining that the White House underestimated the scope of the recession. “Now, looking back, it was clearly too optimistic.”
By now, according to earlier White House economic models, the nation’s unemployment rate should be on the decline. The forecasts used to drum up support for the plan projected today’s unemployment would be about 8 percent. Instead, it sits at 9.4 percent, the highest in more than 25 years.
And let us recall the justifications that our Glorious Leader used to get that sub-trillion dollar stimulus “package” passed through Congress (January 8th, 2009):
Saying that 2009 will mark a clean break from a troubled past, Obama made an urgent pitch for his mammoth spending proposal in his first speech since his election.
“In short, a bad situation could become dramatically worse” if Washington doesn’t go far enough to address the spreading crisis, Obama said as fresh economic reports showed an outlook growing increasingly grim.
Obama said that without big-time federal stimulus dollars now, the nation’s recession could go on for years.
“A bad situation could become dramatically worse,” Obama said, adding that a worst-case scenario could include double-digit unemployment and $1 trillion in lost economic activity that recalls the days of the Great Depression.
And here we are, within spitting distance of double-digit unemployment. And, most likely, it will happen in either August or September.
Contrast this with Obama’s more recent thoughts on his stimulus package:
Stimulus ‘has worked as intended,’ Obama says
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — President Obama on Saturday defended his administration’s stimulus package, saying it “has worked as intended.”
“The recovery plan was not designed to work over four months. It is designed to work over two years,” Obama said in his weekly radio and Internet address.
Some economists believe a second stimulus package will be needed because the economy may remain weak for many quarters. Others are worried that high federal spending will create a fiscal train-wreck.
Spending under the stimulus programs will accelerate greatly over the summer and into the fall, Obama said.
“We must let it work the way it is supposed to,” Obama said.
Earlier this week, Vice President Joe Biden said the administration “misread” how bad the economy was.
Yep. They’re certainly being consistent with their message all right. While unemployment tends to be a lagging indicator for a recovery, the stimulus package was passed in February. The DOW hasn’t been over 9,000 since Obama’s coronation (in fact, it tanked shortly after that big-eared little communist took office), and the first quarter GDP for 2009 fell by -5.5%.
So, when you hear the following :
Carbon-emissions bill would cost $175 a household: report
By Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) — A “cap-and-trade” system for limiting greenhouse gas emissions contained in a House bill would cost each U.S. household $175, a Congressional Budget Office study found.
The bill, which passed the House Energy and Commerce Committee in May, calls for cutting greenhouse gas emissions 17% from 2005 levels by 2020. It could reach the full House for a vote this summer.
Released late Friday, the CBO report said that the net annual economy-wide cost of the cap-and-trade program in 2020 would be $22 billion, or about $175 a household. Read the CBO report.
Advocates of the legislation hailed the report as evidence that the cost to Americans from the legislation would be modest.
Realize that these are are same drooling idiots that “forecast” all of the information I cited above. And, these are the same breed of people who forecast that Medicare would only cost $9 billion by 1997 (in 1997, Medicare funding cost about $300 billion).
In short, these morons are pulling these forecasts directly out of their “Obama.” Be afraid. Be very afraid.