Posted on 07/07/2009 7:57:32 PM PDT by CutePuppy
The U.S. government's budget deficit will likely be wider than expected this year, a top White House adviser said Tuesday.
Speaking at the Nomura Asia Equity Forum in Singapore, Laura Tyson, a member of President Barack Obama's Economic Advisory Panel, said the U.S. economy faces a worse situation than previously believed, and the deficit - already the widest since World War II - may surpass a previous projection of around 12% of gross domestic product.
Tyson said her remarks represent her own views and not the administration's official position.
.....
As to the size of this additional stimulus, she said it's too early to quantify, and "we'll have a much better idea towards the end of the year."
She added that the current stimulus package should create or sustain 3.5 million jobs, as planned, but its effect on unemployment will be less than previously expected because the crisis has had a greater impact on unemployment than anticipated.
.....
One way for the U.S. government to reduce its debt and eliminate the budget deficit would be to increase government revenue as a portion of gross domestic product to a level comparable with that of Canada, she said.
She cited a recent report by the Organization for Economic Cooperation and Development showing that among OECD countries, U.S. government revenue as a percentage of GDP is higher than only that of Slovakia.
"If the government could get a way to get to Canada's intake, the debt and deficit problem would go away," she said. "In five years, we would go from deficit to surplus."
Tyson also said deflation remains a risk for the U.S. economy that "cannot be written off yet." She warned against attempts to fuel a recovery based on the housing sector.
"A real estate or construction boom won't get us out of this."
.....
(Excerpt) Read more at online.wsj.com ...
Gee. Ya think?
Who would have ever seen that coming?
No blank.
I’ve said all along that this “worst economic crisis since the Great Depression” was “planned.” I guess I was right.
Significantly lower taxes an all this crap will disappear in short order. Basic economics 101.
If you set out to destroy the country you couldn’t do a better job than the One and his Team.
I dare to say - it is exactly as it was planned.
:::::::
Without any doubt. A hater of America, of capitalism, of freedoms, and of American success and core values. What else did anyone expect? When will the Congress and the electorate have the decency and respect for America to save it from this tyrant?
what maroons. good night.
Wow, her remarks reflect her own opinion and not that of the White House? Oh,,when Sarah Palin goes to Indiana to speak to a right to life group, a liberal idiot in Alaska files an ethics charge against her. Also charges were filed about Palin receiving a hockey stick as a gift. This is how the libs play. But this lib can say whatever she wants, and nothing. Crickets. She is an Obama ‘adviser’. Riiight. No tax dollars going in her pockets.
if the government wants to run a surplus all it has to do is print money.
Buy more presses.
So did Obama plan the recession? Is that his admission?
Worse than planned? I guess they weren’t planning hard enough. LOL!
Shocking isn’t it.
These are just noticing something I could have explained to them six months ago.
And now they want another trillion. A few trillion here a few hundred billion there and soon you are talking some serious money.
The list, ping
To the O-Nothing Admin....Duh to the millionth power.
Hussein debunked these rumors. then reaffirmed them, then denied them. If that isn't solid footing, I don't know what is...
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