You can believe the man or you can believe the experts who are NOT lying weasels:
CBO projects $1.08 trillion deficit, 8.9 percent jobless rate in 2012That's about as bad as it could be.
By Erik Wasson, The Hill
The Congressional Budget Office on Tuesday predicted the deficit will rise to $1.08 trillion in 2012.
The office also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013.
These are much dimmer forecasts than in CBO's last report in August, when the office projected a $973 billion deficit. The report reflects weaker corporate tax revenue and the extension for two months of the payroll tax holiday.
A rising deficit and unemployment rate would hamper President Obama's reelection effort, which in recent weeks has seemed to be on stronger footing. If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term.
The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011. The largest deficit recorded before that was $458 billion in 2008.
CBO had forecast an 8.5 percent unemployment rate for the end of 2012 in its August report. It now expects the jobless rate to be higher and to still be at 7 percent in 2015.
The higher unemployment numbers are due to lower economic growth than previously estimated. Gross domestic product for 2011 is now estimated to have grown 1.6 percent in 2011, down from the 2.3 percent forecast in August. CBO a year ago had predicted 3.1 percent growth for 2011.
The outlook for 2012 has also worsened. GDP is forecast to grow only 2 percent this year, compared to a previous estimate of 2.7 percent. [link]
Obama, of course, along with his enablers in the press, will blame Congress. And Bush. And the tsunami. And the oil spill. And us racist gun-toters/Bible-clingers.
But who was it not long ago who promised America that he would fix everything, including the rising tides?
Four more years? Four more years of Obama and we might as well close this sumbitch up.
2 comments:
FOUR.
MORE.
YEARS.
Can you folks (Jerry, et al.) help me remember which presidential campaign used that against the incumbent? As soon as this election season began, that refrain came to my mind; but I can't quite place it.....
Thanks!
remnny
Actually every incumbent president works it into his convention extravaganza. I guarantee you Obama will as well. As difficult as that may seem.
It was Reagan who turned that phrase around and asked, "Are you better off now than you were four years ago?" Clinton did likewise. Both upset their respective incumbent opponents.
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