NEW YORK (CNNMoney) - Like most economists, the White House's budget experts have grown less optimistic about economic growth and jobs, having been sobered by recent developments such as the debt crisis in Europe and continued troubles in housing.
The White House budget office on Thursday lowered its estimates for annual GDP growth by roughly a percentage point for this year, next year and 2013. Its forecasts for 2015 and 2016 are somewhat higher than they were.
And the republicans are now dancing in the streets.
the white house needs something bold.... quick...
Of course economic recovery has slowed down. It's because of the capricious budget axe. Unemployment should be over 10% next year this time, right on schedule for the General Election.
I dunno. I think that with Republicans (and their 2nd brand the Tea Party) in permanent campaign ( NO!) and gaming mode, Congress will accomplish nothing. Americans need to remember this next year. What Party ran on job creation; failed to create jobs; actually destroyed jobs; hurt the credit rating of the U.S., and; kept economic growth at the barest minimum?
Don't vote for them ever again!
How can they call it a slow "recovery" when we are still losing more jobs then we are creating...that's not recovering...that's DYING.
You can expect a slower economic recovery as long as TEApublicans run the House. Their goal is to destroy the economy. If it wasn't they would have introduced a jobs bill by now. They're too concerned about womens reproductive rights and deregulation. Deregulation is not a jobs plan. They want to dismantle the EPA. Seriously? After the BP oil spill, I think more regulation is required.
Cut the the defence budget!!! Why does America need thousands of troops in Germany (just one example)??? The cold war ended decades ago. Put the troops to work in America.
Wow...again with the excuse makers for President Obama. He had a FILIBUSTER PROOF majority for an extended period of time during his Presidency. The Republicans certainly started this mess under the Bush years but please, enough with the excuses. President Obama and the Dem controlled Senate and House at the time made the situation MUCH, MUCH worse through awful policy. Plain and simple.
Nothing changes the fact that the Obama administration (Christina Romer, chairwoman of the President's Council of Economic Advisers) promised unemployment would not exceed 8% if we spent almost a trillion dollars on a stimulus. Well, that turned into fraud, and disaster after disaster (look at the news today...another $500million taxpayer dollars lost on a solar company in California that filed for bankruptcy). Unemployment peaked at over 10% in November of 2009 and has stayed above 9% for the longest period since the Great Depression. Brutal record for this President.
Despite the downward revisions, "we are not forecasting a double-dip recession," said Katharine Abraham, a member of the White House Council of Economic Advisers.
Of course you're not. It is called not shouting "fire" in a crowded movie theater. But many believe it is already happening. In a month or two you will not be able to deny it any longer.
In terms of unemployment, OMB said that it still expects the jobless rate - currently 9.1% - to gradually come down. For 2011, it forecast the rate will stay at 9.1%.
So much for a total WASTE of ONE TRILLION DOLLARS. It had NOTHING to do with saving any of OUR jobs but probably did save a lot of state and federal union jobs, for a year or two but now they will be gone anyways. Denying reality, delaying the pain, lengthening the recession, which is the Obama "plan".
The budget office also said it still expects inflation to be moderate, coming in around 2% for much of the next decade.
Total nonsense. Whatever they are using to arrive at this fantasy number needs to be thrown out and replaced.
In terms of deficits between now and 2021, the administration's forecasts are better than they were at the start of the year, thanks in large part to the passage of the Budget Control Act, which has the potential to reduce the 10-year deficit by at least $2.1 trillion
So the country can send their thank you cards to the Republican Party and Tea Party! If it was left to the Democrats, they would have INCREASED spending beyond their already insane levels. If you want more responsible government like this, throw the Democrats out in 2012 and watch this country boom once again.
At least Obama is trying to do something about the job situation. The Repubs use the same old "Voodoo, Trickle-down, Economics" where the rich and big business' success helps the middle and working class. That definitely doesn't work. That's been proven by Duyba Bush and his big tax breaks. .The trickle down seems to get stuck at the top and never reaches the middle or the bottom.
Until some gets control of the GOBPbaggers job growth will continue to slow because that is their GOAL. It's time for regular Americans to begin directly lobbying the teatards and the corporatist cult members. Make their lives as uncomfortable as possible with lots of phone calls, faxes, emails and showing up at all their public events. Make them tell you what sacrifices they are calling on corporations and the ultrarich to make. If they can't answer, start heckling them even louder. This "care for the greedy, not t he needy" crowd needs to get an earful every day.