Posted on 02/14/2010 12:50:33 PM PST by Diana in Wisconsin
WASHINGTON — The Obama administration projected Thursday that the unemployment rate would fall this year by only a little, if at all, and would remain well over 6 percent until 2015.
The forecast was the most closely watched element of the annual Economic Report of the President, a 458-page document outlining the White House’s outlook and policies on areas as diverse as savings and investment, health care and climate change.
The report projected that an average of 95,000 jobs would be added to the payrolls each month this year — barely enough to keep up with the normal number of jobs the economy would have to create to meet the growth in the labor force and keep the unemployment rate steady.
Although the Labor Department has estimated that unemployment fell to 9.7 percent last month, the new report projected that the average rate for the year would be 10 percent. That would fall to 9.2 percent next year, the report said, and to 8.2 percent in 2012, when President Obama would be up for re-election.
The report also estimated that the nation’s gross domestic product, the broadest measure of economic output, would grow 3 percent this year, in line with the projections for global growth of 3.1 percent by the International Monetary Fund, and 3.4 percent by the 30-nation Organization for Economic Cooperation and Development.
*SNIP*
“The usual relationship between G.D.P. growth and the unemployment rate has broken down somewhat,” Ms. Romer, who is on leave from the University of California, Berkeley, told reporters at the White House. “The unemployment rate has risen much more than one would have predicted.”
(Excerpt) Read more at nytimes.com ...
Um, Dude? We're FOURTEEN TRILLION IN THE HOLE TODAY because of you!
Maybe on paper, but not in the real working world. Yes, they do live in ‘lala land’.
Anything is possible when the MSM, aka AP, Reuters/ABCNBCBS can magically produce 8.2% out of their “scientific” polling.
Manufacturing will continue to shift overseas as long as regulatory costs remain as high as they are.
The rest of the economy will continue to sink because of this.
Most Americans including many of the posters on this forum have not studdied enough real world basic economics to understand why this is.
Massive bong hits. Just huge.
The list, ping
The Obama Depression is going to last longer than the last 3 Republican Recessions put together, and destroy more people economically.
The degree of incompetence we find with today's Democrats is absolutely shameful.
This is crazy. Why does he think this is a good unemployment number?
Manufacturing isn't really disappearing here ~ and we are the world's lowest cost producer for trillions of dollars worth of "stuff".
The economy has dropped and getting it back will be one hell of a struggle with this administration. Everything to them is “unexpected” and I have lost all faith in any projection from Washington.
I predict the moon will turn into cheese.
Obama Advisers Predict Unemployment of 8.2% by 2012
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Wow! Now, that’s something to cheer about. (/sarc.)
The Moose will turn into cheese before these guys are done.
That's little more than the 1.1 millions temp jobs that will be created by the Census / 12 months.
Translation: I will allow people to become employed just before my re-election!
Everything OBAMA does, indicates ONE THING, HE HAS NO CLUE!
Raising Taxes, letting the BUSH TAX CUT EXPIRE, all of this indicated DEMOCRATS and OBAMA, need to EXIT the Field.
OBAMA will beat Carter as the WORST President of modern times.
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