The Washington Post - the Bizarro World paper of record. Where else (okay, the New York Times, too) could you possibly read a sentence like this one that makes you tilt your head, smile crookedly, and chuckle to yourself, "WTF?"
Posted on 07/01/2010 12:41:13 AM PDT by JohnHuang2
President Obama's overhaul of the health-care system has done little to improve the nation's fiscal outlook, and his pledge to extend an array of tax cuts for the middle class would only make things worse, congressional budget analysts said Wednesday.
In its latest long-term forecast, the nonpartisan Congressional Budget Office predicted that the national debt, which has surged to nearly 60 percent of annual economic output in the wake of the recession, would continue rising in the coming decades despite cost-containment measures in the health overhaul Obama signed this spring.
(Excerpt) Read more at washingtonpost.com ...
Just a few of the significant milestones Obama's achieved so far:
-- The Conference Board said this week that its consumer confidence index plummeted to 52.9 in June, down ten points from 62.7 in May (the latter was revised downward, underscoring the wonderful 'spring of recovery' we were having). Consumers' present level of confidence dropped over four points, from 29.8 in May to 25.5 in June, and the index measuring expectations over the next few months collapsed by over 13 points to 71.2. Obama swiftly and decisively responded by holding a town hall meeting in Racine, Wisconsin.
-- Sales of new single-family homes in May fell off their chairs and collapsed on the floor -- falling 32.7 percent below April's rate and 18.3 percent below the rate in May 2009 -- you know, before Obama's robust recovery kicked in. The huge drop in sales was more than "expected." Expectors had expected a drop of 18.7 percent, in line with a booming economy.
-- Sales of existing single-family homes fell in May, falling a 'more-than-expected' 2.2 percent below the rate in April. Expectors had expected sales to skyrocket by 6 percent. Sales had either dropped or stagnated in nearly every part of the country -- falling 18.3 percent in the Northeast alone. Obama responded by declaring the U.S. economy is gaining strength.
And just when you thought things couldn't get any better . . .
-- Consumer spending in May rose a paltry 0.2 percent, on top of a zero percent increase the month before. Personal income rose 0.4 percent, but most people chose to save this extra income in order to hurt Obama's glorious recovery.
-- According to the government's latest revision of its revised readings on the economy, GDP grew just 2.7 percent during the first quarter of 2010, down from the previous erroneous estimate of 3 percent, which was down from the previous erroneous estimate of 3.2 percent.
-- Durable goods orders sank by 1.1 percent in May, the first decline in half a year and the biggest drop since August 2009. The media hailed the dismal report as actually good news, if you start excluding airplanes, communications equipment, steel, etc. And the jobless rate is 0 percent if you exclude 15 million unemployed Americans.
-- In another bullish sign, the ADP employment report yesterday showed a 'less-than-expected' 13,000 private-sector jobs were added in June. The expectors had expected employment growth four times faster than that.
-- Meanwhile, TrimTabs Investment Research -- which estimates employment by analyzing daily income tax data -- reported that the economy lost 152,000 jobs in June, reinforcing hopes of a sustained jobs recovery.
-- The CBO's latest monthly budget review indicates the federal budget deficit reached $941 billion just during the first eight months of FY 2010, with revenues falling by $29 billion during the same period as compared to receipts during the first eight months of FY 2009 -- you know, before Obama's robust recovery kicked in.
If we're lucky, by year-end -- after Obama's 'summer of recovery' -- the federal debt will represent 62 percent of GDP (highest level since WWII), an over 50 percent increase over the level at the end of '08, when America still had a sane president. Under CBO's current projections, the national debt soars to 87 percent of GDP by 2020. Under my current projections, the debt slides back to 40 percent of GDP by 2020, at the close of Palin's second term.
Interestingly, the CBO's latest rosy report came out on the same day that Obama's debt commission met, after running out of money. The commission is expected to make recommendations in December on various ways to keep itself from running out of money.
In the meantime, have a happy summer of recovery!
Anyway, that's...
My Two Cents...
"JohnHuang2"
Wait till it really takes effect. It will be like a body blow to the economy.
Oh the CBO must be wrong afterall they basically gave the green light for the hideous healtcare debacle to get the final vote and put the nail in the coffin of our now defunct health care system. They knew the numbers were bogus then just as they are now. The whole thing is a sham
The Washington Post - the Bizarro World paper of record. Where else (okay, the New York Times, too) could you possibly read a sentence like this one that makes you tilt your head, smile crookedly, and chuckle to yourself, "WTF?"
John,
We're in deep, deep economic trouble. And these liberals are going to friggin' sing and dance along, all the way, as they dance off a cliff.
And Hussein will continue to try to spend us out of debt.
We lose money on each widget; but we make it up on volume.
lol!
It memory serves, the CBO was very helpful in
the installation of ObamaCARE over America’s protest.
They are nothing but liars.
CBO lied and America died.
President Obama's overhaul of the health-care system has done little to improve the nation's fiscal outlook, and his pledge to extend an array of tax cuts for the middle class would only make things worse, congressional budget analysts said Wednesday. In its latest long-term forecast, the nonpartisan Congressional Budget Office predicted that the national debt, which has surged to nearly 60 percent of annual economic output in the wake of the recession, would continue rising in the coming decades despite cost-containment measures in the health overhaul Obama signed this spring.Well duh! Tax increases are coming! See, it has to be done! This is was Obama meant when he said he was going to call our bluff. Thanks JohnHuang2.
What tax cuts for the Middle Class?????????
Obamacare alone had some biggies, the bank bill has more. Joblessness continues to grow, jobs continue to flee the US, businesses continue to close, salaries continue to stagnate, local taxes are going up, state taxes going up. All I see is the OBAMA DEPRESSION worsening.
Only thing growing is Government jobs, even temporary ones.
+++++ Congressional Budget Office predicted that the national debt ++++++
Congressional Budget Office predicted that the BELTWAY debt
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