What Happened to BHO's Economy Plan ?

[letme]

WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.
Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.
Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

The revised estimates project that the economy will contract by 2.8 percent this year, more than twice what the White House predicted earlier this year.

stresses on the economy have, in effect, increased the size of the stimulus package because the government will have to spend more in unemployment insurance and food stamps, Orszag said. He said the cost of the stimulus package — which spends most of its money in fiscal year 2010 — will grow by tens of billions of dollars above the original $787 billion.
White House projects bigger deficits, bigger debt - Yahoo! News

Dims don't even think about blaming GWB for this.
BHO ran saying that the econ was the worst since the Great Depression. He said he could Change that. BHO said he would insure Unemployment would peak at 8%
BHO said w/ his stimuli Change will Happen Now it is a 28% rise above what he Promised.

Orszag, anticipating backlash over the deficit numbers, conceded that the long-term deficits are "higher than desirable." The annual negative balances amount to about 4 percent of the gross domestic product, a number that many economists say is unsustainable.
Just gotta love this.
This is what happens when not one person in the Control Party has any , Any experience running a company or business.

Even less money /more debt for the grand kids to never see.

Want to talk about the COLA not rising and in cases SS checks my be even smaller ? Bad news for the Dims.

Btw if SS Cola does not go up neither will Military Retirement check , Va Disability check or government pay.

That millions MILLION of disgruntled people.

Yes We Can. Yes we can watch BHO's Numbers drop in record time and rivil Jimmy Peanut . Queen Nancy & Prince Hairy are bout to be dethroned also

 

[naked gent]

^^ Yes its obvious we should return the republicans to power because they have shown themselves to be so fiscally responsible.

I'm sure if their ability to clean up a mess equaled their capacity for making one they would have done so.

 

[letme]

my first quick 5 second search.....
--edit bad cite.

Re edit

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.

http://blog.taragana.com/n/obama-un...hind-other-signs-of-economic-recovery-109119/

 

[letme]

Yesterday, Obama played pure politics in backtracking from that “promise.” In an interview with Bloomberg, Obama Sees 10% Unemployment Rate, Chides Wall Street Critics:

He left open the possibility he would have to raise taxes on most Americans to decrease the deficit if growth were too weak. He also indicated he might tax the most-expensive employer-provided benefits to help pay for his health-care revamp. Both would reverse pledges he made during the campaign.

“If we are growing at a robust rate, then we can pay for the government that we need without having to raise taxes,” Obama said. “If we’ve got anemic growth, if we don’t have a strategy for recovery without bubbles, which is essentially what we’ve had over the last couple of recovery cycles, then we’re going to continue to have problems.”

What are Obama’s projections for unemployment and GDP?

Unemployment: 8.1% average in 2009, 7.9% average in 2010
GDP: -1.2% in 2009, 3.2% in 2010, 4% in 2011, 4.6% in 2012

http://www.senseoncents.com/tag/obamas-unemployment-projections/

We can go cite to cite if you want A.A. I don't have a file from his campaign speeches , however !

 

[NickCole]

ObamaCo projected that with his stimulus plan unemployment would peak at under 8%.

They are referring to a Jan. 9, 2009, report called "The Job Impact of the American Recovery and Reinvestment Plan" from Christina Romer, chairwoman of the president's Council of Economic Advisers, and Jared Bernstein, the vice president's top economic adviser.

Their report projected that the stimulus plan proposed by Obama would create between three and four million jobs by the end of 2010. The report also includes a graphic predicting unemployment rates with and without the stimulus. Without the stimulus (the baseline), unemployment was projected to hit about 8.5 percent in 2009 and then continue rising to a peak of about 9 percent in 2010. With the stimulus, they predicted the unemployment rate would peak at just under 8 percent in 2009.

http://www.politifact.com/truth-o-m...r-and-other-republicans-say-obama-promised-s/

 

[letme]

Thanks Nick !

 

[opinterph]

http://www.politifact.com/truth-o-m...r-and-other-republicans-say-obama-promised-s/

Interesting link to prove the particular point being contested …

What we can rule on, however, is whether the Obama administration "promised" that unemployment rates would not rise above 8 percent if the stimulus were passed. We could find no instance of anyone in the administration directly making such a public pledge.

Here is a link to the full report mentioned in the PolitiFact discussion:

The Job Impact of the American Recovery and Reinvestment Plan

January 10, 2009

Christina Romer, Chair – Nominee – Designate, Council of Economic Advisers

Jared Bernstein, Office of the Vice President-Elect​

 

[NickCole]

Interesting link to prove the particular point being contested …

​

Yes, cuts to the chase. That's the reason I posted that particular link.

It's true the 8% unemployment figure was not one of Obama's broken promises, but clearly it was the peak unemployment ObamaCo projected would result if his stimulus bill passed. And that's potently relevant, whereas bickering over "promised" versus "projected" is not very.

 

[opinterph]

Much of the data used to compile the Romer-Bernstein report was developed by private research firms, as the new transition team did not yet have the full resources of government at their disposal.

Following is a YouTube in which Mrs. Romer describes the process. It's rather boring IMO, but adds possible insight to the methods employed in developing the projection. At about 6:30 min in the video she mentions that the unemployment rate (at the time of the taping) was 7.2 percent.

[ame]http://www.youtube.com/watch?v=nQuRVBEYk2U[/ame]

 

[justapixel]

Here is a link to the full report mentioned in the PolitiFact discussion:

The Job Impact of the American Recovery and Reinvestment Plan

January 10, 2009

Christina Romer, Chair – Nominee – Designate, Council of Economic Advisers

Jared Bernstein, Office of the Vice President-Elect​

The chart on page four clearly implies that unemployment will not go above eight percent.

 

[opinterph]

The chart on page four clearly implies that unemployment will not go above eight percent.

Your observation is correct. Check the footnotes.

1
Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

2
These estimates, like the aggregate ones, are subject to substantial margins of error.

 

[NickCole]

Your observation is correct. Check the footnotes.

Yes check the footnotes.

The footnotes say the numbers provided by ObamaCo "are subject to substantial margins of error."

Not just error but substantial margins of error.

That's what I was saying back then. And I'm still saying.

Like Bush & Co, ObamaCo covers itself with small print and footnotes, but if you believe the primary text of what they say you are being fooled.