Excerpt:
As if that were not enough, White House economic adviser Christina Romer admitted that the economy will shrink by 2.8% this year rather than the 1.2% rate of contraction predicted by Obama earlier this year.
Romer also predicted that unemployment will continue to rise, reaching at least 10% before the end of this year. She further stated that Americans should brace themselves for the jobless rate remaining high throughout 2010...at least more than 9%.
These grim unemployment figures should take us right into the 2010 mid-term elections.
Excerpt:
Unfortunately, these admissions on the part of Obama administration officials were not unexpected, despite the rosy scenario painted by Obama and the Democrats, as well as their cheerleaders in the mainstream media. Many of us have been sounding the alarm over the spending spree of the current government in the midst of a deep recession. We have also warned that the monetary and economic policy being pursued by Treasury and the Federal Reserve will lead to unmitigated financial disaster for the country.
We are spending our way into a financial DISASTER:
Most of us realists do not foresee any significant economic recovery for years to come. To the contrary, the current policies of spending, printing more money, monetizing the debt and then auctioning off the notes which only serves to create more debt, will lead to a financial meltdown that has the potential of being worse than the Great Depression.
Why? Today many more Americans rely on credit and accumulate much more debt than did citizens back in 1929 at the time of the stock market crash. And many more Americans have significant assets tied up in investments on Wall Street than did citizens during the 1920s.
Living large without the means to pay for it.
Obama does it and so do idiotic people.
BUMP!
all of those unemployed people will give a pool of applicants willing to do Obama/ACORN canvassing for $12/hour.
Most of us realists do not foresee any significant economic recovery for years to come.
Recovery will start when people decide they are tired of being poor due to the massive government intervention into all aspects of our lives.