Posted on 03/06/2010 2:07:32 AM PST by JohnHuang2
The federal deficit would hit $1.5 trillion in 2010 under President Barack Obama's proposals, the Congressional Budget Office (CBO) projected Friday.
The nonpartisan budget office said it projected a deficit measuring 10.3 percent of gross domestic product (GDP) this year, and a $1.3 trillion deficit in 2011 that would measure 8.9 percent of next year's GDP.
(Excerpt) Read more at thehill.com ...
Obama's economy is so peachy that losing tens of thousands of jobs in one month equals 'good news'. Seconds after the Labor Department announced that the economy lost 36,000 jobs in February, the White House seized on the marvelous news as proof the economy had turned the corner -- for the fifth time.
Citing zero evidence, the media claimed the report could have been even brighter, asserting that thousands of people lost their jobs only because it was snowing too much. Apparently, businesses were champing at the bit to hire bazillions of workers but couldn't because it was snowing in February. Something we've never had before.
According to experts, nobody gets hired in the clean up and repair after the snow, shovel sales plummet and the landscaping business dries up. This is what you believe if you're an expert.
Earlier this week, as if to reassure libbies "bracing for an ugly unemployment report" because of the winter, The Hill newspaper cited that disinterested, thoroughly Obama-neutral source "Goldman Sachs" as blaming snow for causing the growing joblessness, shrugging off any impact from that other snow job, widely known as "Barack Obama."
With the economy losing jobs and the unemployment rate stuck at 9.7 percent, the New York Times said these signs are raising "hopes of recovery." Speaking from the floor of the Senate, Harry Reid said "only 36,000 people lost their jobs today, which is really good." Labor Department head honchette Hilda Solis chirped that the report "shows positive signs that the economy is moving in the right direction." Bloomberg News quoted an economist saying that February's job losses provide "strong evidence the labor market is moving in a positive direction."
Moving in a positive direction, construction jobs fell by 64,000, jobs in the information industry fell by 18,000, warehousing and transportation employment continued to fall, retail hiring stalled and jobs in financial activities fell -- too much snow. Also moving in a positive direction, average weekly earnings fell 0.4 percent, the average workweek dropped to 33.8 hours and the workweek average in manufacturing dropped to 39.5 hours -- the snow again.
And if all that wasn't cheerful enough, 8.8 million people are now working part-time because their hours were slashed or because they can't find full-time work in Obama's great recovery -- up from 8.3 million in January. Snow.
The number of "marginally attached" workers now stands at 2.5 million, up by 476,000 from February a year ago (snow), and 1.2 million of these "marginally attached" workers were in the category of "discouraged workers" (people who gave up fruitlessly looking for work), up by 473,000 year-over-year (snow). But! Moving in a positive direction, the under-employment rate (U-6) soared to 16.8, up from 16.5 in January.
"We're trending in the right direction," said New York Democrat Rep. Carolyn Maloney, who appears marginally attached to reality.
Employment in health care services and temporary help went up, which must have been during a brief pause in the snow.
"Experts" insist the drop in construction jobs was all caused by the snow and Obama insists he's "saved or created" gobs of "shovel-ready jobs" by wasting 1 trillion in stimulus bucks, yet the jobless rate in construction is 23+ percent while the spread between the under-employment (U-6) rate and the official jobless rate keeps getting larger because the number of discouraged workers keeps growing.
But, relax. In the last 13 months, Obama has fattened the federal payroll with another 55,000 pencil-pushers. And, further laying the groundwork for sustainable economic growth, 15,000 more census workers were just hired.
Anyway, that's...
My Two Cents...
"JohnHuang2"
“The federal deficit would hit $1.5 trillion in 2010 under President Barack Obama’s proposals...”
The reality is worse, as this doesn’t factor in future entitlements. It also doesn’t get to the nature of the problem. You see, this is not so much a political problem, but an addiction problem. An addiction to debt-fueled spending. And it has to be dealt with as an addiction.
Complete and total BS!!
To think deficit spending is going to go down next year is another lie out of the CBO.
CBO is nothing but dem boot lickers!
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