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CBO Projection is Bad News for Obama's Reelection

Uploaded on February 02, 2012

From the Congressional Budget Office
http://www.cbo.gov/doc.cfm?index=12699

The Economic Outlook
--------------------
In part because of the dampening effect of the higher tax rates and curbs on spending scheduled to occur this year and next, CBO expects that the economy will continue to recover slowly, with real GDP growing by 2.0 percent this year and 1.1 percent next year (as measured by the change from the fourth quarter of the previous calendar year). CBO expects economic activity to quicken after 2013 but to remain below the economy’s potential until 2018.

In CBO’s forecast, the unemployment rate remains above 8 percent both this year and next, a consequence of continued weakness in demand for goods and services. As economic growth picks up after 2013, the unemployment rate will gradually decline to around 7 percent by the end of 2015, before dropping to near 5½ percent by the end of 2017.

Top Rated
All Replies
from steve182 wrote 16 weeks 1 day ago

At least there's a silver lining here.

+2 Good Comment? | | Report
from Sayfu wrote 16 weeks 1 day ago

I don't think so...no silver lining. Most analysts that are very much into crunching the numbers see it far worse than what is being projected...far worse. The unfunded liabilities that are not being reported are massive. Just take green energy, that is a total failure, and what the left has done by obstructing the fossil fuel supply, and it is catastrophic. China is laughing all the way to a robust economy because they are contracting up a lot of the oil, coal contracts. It puts our national defense in jeopardy as well. The scary aspect, is Obama, and the left were not just ignorant in the direction they took...it is by design! What could have been instituted from the getgo was sound economic policy. Free up the markets to expand, create jobs, enhance tax receipts by creating more jobs. Especially since Europe has gone in the tank because of their socialist governance of their economies. We could have recovered, early on from a recession, and gobbled up more market share...instead, Obama intentionally decided to go the way of Europe!!! I listened to economic guru, Jack Welch, the former successful CEO of GE interviewed the other day. Jack knows capitalism, and how jobs, and markets are created, how private money gets invested in new companies...First thing he said, was, "Obama HAS to go!" No way can we pursue the left's notion of more big govt, more govt involvment in business, and recover...and that's a fact.

0 Good Comment? | | Report
from Hoski wrote 16 weeks 1 day ago

Yep, I read this too.
My take was the up tick expected in the unemployment levels predicted...that's not good.
But overall, it confirms the economy has turned the corner and headed in the right direction...even with all the GOP roadblocks.

So as I see it the choice is either we can continue the economic growth, (albiet at a slower rate than hoped)
or go the GOP route of more tax cuts that produced zero jobs and a growing debt.
I'll take the growth.

+1 Good Comment? | | Report
from Hoski wrote 16 weeks 1 day ago

I forgot the GOP's second favorite chant of more de-regulation too.

+1 Good Comment? | | Report
from rock rat wrote 16 weeks 1 day ago

The folks who chose Mitt Romney for you certainly know what curbs on spending do to an economy, that's why they have their senators and congress critters do it every time. "Cut spending, cut spending, cut spending" it has become a mantra. The heck with the economy, just make sure Obama isn't re elected, been going on for four years.

There have been ways around it. The 2% across the board tax cut for working people helps, every dime of unemployment gets spent. Helping Mitt Romney to increase his Cayman Island account which is the GOP way certainly won't do it unless you live in Snafu's econ 101 through the looking glass land.

+1 Good Comment? | | Report
from Jere Smith wrote 16 weeks 21 hours ago

You just don;t get it do you rodent, you and the Union Thugs.

-1 Good Comment? | | Report
from Hoski wrote 16 weeks 21 hours ago

Thanks Moishie, here let me return the favor, mostly for duplicating topics.

0 Good Comment? | | Report
from Hoski wrote 16 weeks 21 hours ago

I especially like Romney's tax plan to get the citizens to pay his taxes for him.
Zero capital gains would mean he pays nothing since his income derives strictly from capital gains...being he doesn't have a job or anything.

0 Good Comment? | | Report
from PigHunter wrote 16 weeks 18 hours ago

Envy, tsk tsk.

Medieval theologian Thomas Aquinas said of Envy: "Envy according to the aspect of its object is contrary to charity, whence the soul derives its spiritual life... Charity rejoices in our neighbor's good, while envy grieves over it." (2, 36, ad 3)

+1 Good Comment? | | Report
from rock rat wrote 16 weeks 18 hours ago

I don't know Pig, American's just don't seem the envious type to me, we like people getting rich. We also like it when people don't cheat or reject America. Not paying taxes and taking money out of the country, giving jobs to foreigners, all that stuff doesn't go over well.

0 Good Comment? | | Report
from Sayfu wrote 16 weeks 17 hours ago

If the folks had a clue as to why jobs leave the country they would vote out liberals, and I hope they will those go round.

0 Good Comment? | | Report

Post a Reply

from steve182 wrote 16 weeks 1 day ago

At least there's a silver lining here.

+2 Good Comment? | | Report
from Hoski wrote 16 weeks 1 day ago

Yep, I read this too.
My take was the up tick expected in the unemployment levels predicted...that's not good.
But overall, it confirms the economy has turned the corner and headed in the right direction...even with all the GOP roadblocks.

So as I see it the choice is either we can continue the economic growth, (albiet at a slower rate than hoped)
or go the GOP route of more tax cuts that produced zero jobs and a growing debt.
I'll take the growth.

+1 Good Comment? | | Report
from Hoski wrote 16 weeks 1 day ago

I forgot the GOP's second favorite chant of more de-regulation too.

+1 Good Comment? | | Report
from rock rat wrote 16 weeks 1 day ago

The folks who chose Mitt Romney for you certainly know what curbs on spending do to an economy, that's why they have their senators and congress critters do it every time. "Cut spending, cut spending, cut spending" it has become a mantra. The heck with the economy, just make sure Obama isn't re elected, been going on for four years.

There have been ways around it. The 2% across the board tax cut for working people helps, every dime of unemployment gets spent. Helping Mitt Romney to increase his Cayman Island account which is the GOP way certainly won't do it unless you live in Snafu's econ 101 through the looking glass land.

+1 Good Comment? | | Report
from PigHunter wrote 16 weeks 18 hours ago

Envy, tsk tsk.

Medieval theologian Thomas Aquinas said of Envy: "Envy according to the aspect of its object is contrary to charity, whence the soul derives its spiritual life... Charity rejoices in our neighbor's good, while envy grieves over it." (2, 36, ad 3)

+1 Good Comment? | | Report
from Sayfu wrote 16 weeks 1 day ago

I don't think so...no silver lining. Most analysts that are very much into crunching the numbers see it far worse than what is being projected...far worse. The unfunded liabilities that are not being reported are massive. Just take green energy, that is a total failure, and what the left has done by obstructing the fossil fuel supply, and it is catastrophic. China is laughing all the way to a robust economy because they are contracting up a lot of the oil, coal contracts. It puts our national defense in jeopardy as well. The scary aspect, is Obama, and the left were not just ignorant in the direction they took...it is by design! What could have been instituted from the getgo was sound economic policy. Free up the markets to expand, create jobs, enhance tax receipts by creating more jobs. Especially since Europe has gone in the tank because of their socialist governance of their economies. We could have recovered, early on from a recession, and gobbled up more market share...instead, Obama intentionally decided to go the way of Europe!!! I listened to economic guru, Jack Welch, the former successful CEO of GE interviewed the other day. Jack knows capitalism, and how jobs, and markets are created, how private money gets invested in new companies...First thing he said, was, "Obama HAS to go!" No way can we pursue the left's notion of more big govt, more govt involvment in business, and recover...and that's a fact.

0 Good Comment? | | Report
from Hoski wrote 16 weeks 21 hours ago

Thanks Moishie, here let me return the favor, mostly for duplicating topics.

0 Good Comment? | | Report
from Hoski wrote 16 weeks 21 hours ago

I especially like Romney's tax plan to get the citizens to pay his taxes for him.
Zero capital gains would mean he pays nothing since his income derives strictly from capital gains...being he doesn't have a job or anything.

0 Good Comment? | | Report
from rock rat wrote 16 weeks 18 hours ago

I don't know Pig, American's just don't seem the envious type to me, we like people getting rich. We also like it when people don't cheat or reject America. Not paying taxes and taking money out of the country, giving jobs to foreigners, all that stuff doesn't go over well.

0 Good Comment? | | Report
from Sayfu wrote 16 weeks 17 hours ago

If the folks had a clue as to why jobs leave the country they would vote out liberals, and I hope they will those go round.

0 Good Comment? | | Report
from Jere Smith wrote 16 weeks 21 hours ago

You just don;t get it do you rodent, you and the Union Thugs.

-1 Good Comment? | | Report

Post a Reply

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