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Obama Predicts Unemployment, Deficits Far Worse Than Previously Stated...

-Aug. 25 (Bloomberg) -- U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.

The Office of Management and Budget forecasts a weaker economic recovery than it saw in May as the gross domestic product shrinks 2.8 percent this year before expanding 2 percent next year, according to the administration’s mid-year economic review issued today. The Congressional Budget Office, in a separate assessment, forecast the economy will grow 2.8 percent next year. Both see the GDP expanding 3.8 percent in 2011.

“While the danger of the economy immediately falling into a deep recession has receded, the American economy is still in the midst of a serious


Added: Aug-26-2009 
By: Songun
In:
News
Tags: Obama, Doom, Unemployment, Deficits, Stimulus, Clunkers, CHANGE!
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  • The economy must be racist I guess.

    Posted Aug-26-2009 By 

    (9) | Report

  • I knew he would fail, but wow. He's totally surpassing all expectations. You go Obama! Show Carter how it's really done! lol

    Posted Aug-26-2009 By 

    (9) | Report

    • Yep. Stunning how stupid he and his entire administration are. I could not script it any better if I wanted to orchestrate his failure. I mean, it started on his first day with ZERO plan on Gitmo, but announced to the damn world that he was closing it???

      He is in so damn far over his head and his economic policies are the stupidest in our history. Epic, epic, epic fail on every single aspect of leadership.

      Thank God he's going to get blown out of office. Thank God.

      Posted Aug-26-2009 By 

      (2) | Report

  • EPIC FAIL

    Enough said

    Posted Aug-26-2009 By 

    (9) | Report

  • I just read this and probably the numbers are actually going to be higher since this administration is good at blowing smoke up our ............

    Posted Aug-26-2009 By 

    (6) | Report

    • Michigan Fast Facts



      Michigan Unemployment Rate
      (Seasonally Adjusted)


      July 2009 15.0%




      %15 unemployment has got to be bullshit.....and soon to be much higher.


      Most people i talk to here

      A. Have or are facing losing there jobs and currently collecting unemployment.
      B. Maxed unemployment out and now working for temp services rarely landing full time jobs. *extremely rare*.

      Or

      C. Lost job, maxed out unemployment,seeking work through temp servic More..

      Posted Aug-26-2009 By 

      (2) | Report

  • Yeah, no shit.

    We warned you that spending your way out of recession doesn't work. We warned you that spending your way out of debt doesn't work.

    Too bad your agenda of growing a bigger nanny state trumped common sense.

    You've screwed us, our children, grand children, etc.

    Thanks.

    FBO

    Posted Aug-26-2009 By 

    (6) | Report

  • Let's see...

    Step 1. Predict things will be really really bad.

    Step 2. When things are only really bad, then you can say you "saved" everyone from the really really bad things.

    Gosh... Us unwashed masses are just too stupid to see through that ruse. Golly gee willikers. I wish I was as smart as the Obama people!

    Posted Aug-26-2009 By 

    (5) | Report

  • IOUSA The Movie. It's happening like the video predicts.

    Posted Aug-26-2009 By 

    (4) | Report

    • That was one scary video my man.

      I live in Michigan. And as a resident of this Northern state i know for a fact things are bad.
      Everybody is fealing it. You can see it on peoples faces every day here.
      Im sure its that way everywhere though.

      People are fealing the economis stress.

      I for one can honistly say that every day i wake up and drag my feat to my shittey slave driving job. Thats taking full advantage of this economic shit were facing I might add. Counting my lucky stars More..

      Posted Aug-26-2009 By 

      (4) | Report

    • Yup many people saw this coming, just a year ago all the people in the movie were labeled nutcases. Actually werent you one of the people who were bashing Paul,Celente,and Schiff. Not that it matters anymore heh.

      Posted Aug-26-2009 By 

      (1) | Report

    • I'll always bash Paul. He's a stoner. No need for his kind to lead anyone...anywhere...about anything.

      Posted Aug-26-2009 By 

      (0) | Report

  • Stop the madness.

    End that G*d d*mned Fed.

    They are the whole problem ladies and gentlemen.

    Posted Aug-26-2009 By 

    (4) | Report

  • Obama is destroying the Nation he despises.

    Posted Aug-26-2009 By 

    (4) | Report

  • this was obama's plan from the beginning.....he told people there would be change and he is making that happen....i hope all that voted for him is happy to see how they helped him destroy the US

    Posted Aug-26-2009 By 

    (4) | Report

  • Comment of user '2daloo' has been deleted by author (after account deletion)!
  • People were sucking up those bogus stats and singing happy days are here again, LOL, all you have to do is look around and you can see the economy is in the tank, there is still no regulation of wall street and the banks.

    Posted Aug-26-2009 By 

    (2) | Report

  • Witnessing the end of a political party ! ! !

    Posted Aug-26-2009 By 

    (0) | Report

  • Must Cut "taxes"!! Must shrink Goverment!! Must reverse NAFTA!!

    The fox guarding the Hen house NEVER works..oops the crooks guarding the white house.

    Posted Aug-26-2009 By 

    (0) | Report