Posted on 08/27/2014 1:35:40 PM PDT by SeekAndFind
The Congressional Budget Office released a bit of a good news/bad news report on Wednesday regarding the state of the U.S. economy and federal budget.
In the bad news column, CBO projected 2014s GDP growth at just 1.5 percent. The report blamed this revision on the surprising economic weakness in the first half of the year.
In early June, the International Monetary Fund projected the United States to grow by just 2 percent this year, revising its own estimate down from a previously anticipated 2.7 percent GDP expansion.
This report is not likely to be warmly greeted by the White House.
The new assessment was considerably more pessimistic than the Obama administration’s, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter, USA Today reported.
As Ed Morrissey observed in March, the administration proposed what even The New York Times called a progressive wish list in the form of a budget which relied on significant projected economic growth to avoid conceding its bank-breaking nature.
[T]he Obama administration assumes a growth rate of 3.1 percent in 2014, when CBO expects 2.7 percent and the private sector consensus comes in at 2.5 percent, according to Investors Business Daily. The actual GDP growth rate for 2013 was 1.9 percent, according to the Commerce Department , down from 2012s 2.8 percent, and leading indicators for 2014 offer little hope for any kind of sharp rebound from stagnation.
(Excerpt) Read more at hotair.com ...
What’s the historical accuracy of their predictions?
If this was a conservative the headline splashed all over the MSM would be:
“Bad Leadership to Blame as Economy Underperforms by 50%”
Black employment at lowest level since depression. Children are undernourished as parents neglect good eating habits. Almost half population on welfare....
And that will be revised downward even further just before Christmas 2015....
Remember that last year the Gov. decided to redo how the calculate the GDP by inflating it by 3 percent......sooooo......do the math with that in mind.
GDP 1st revision 4.2% vs 3.9% consensus estimate
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