Opinion: Obama White House downgrades its own economic forecasts
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Who knows why we should believe the Obama-Biden White House now? They’ve been so flat-out wrong about the improving economy almost every single one of the 955 days they’ve been in the White House.
But now they’re saying the economic outlook is going to get worse. Apparently, that’s still possible.
Is this some kind of ‘Princess Bride’ trick to make us think that because we haven’t believed them when they said things were improving, when they say things are worsening we won’t believe them again?
And we’ll fall into their Chicago trap of thinking the economy really is getting better and reelect the guy whose economic advisors can’t run a taco stand, let alone anything more complex than a lecture hall?
Here’s the latest from the president, who is ‘fully confident’ of everything he says, even when it’s proved wrong:
Early this year the White House said 3.1% looked like a good gross domestic product growth rate this year, jumping to 4% next year.
Now, they say maybe as little as 1.6% this year and somewhere between 3.2% and 2.9% next year.
You may remember that national unemployment rate that was going to stay under 8% if only we hurried and spent the $787 billion tossed onto the national debt pile?
Well, back seven months ago, the Obama crowd figured unemployment would average 9.3% this year and 8.6% in 2012.
Now, they think it’ll average 8.8% to 9.1% this year and next year 8.3% to 9%.
Right now, among those bothering to continue looking for work, the rate is 9.1%. August’s numbers are due out Friday.
Here’s an intriguing little piece of history to put these percentages in perspective for Chicagoans: The last president to win reelection while unemployment was above 7.2% was 75 years ago, Franklin Roosevelt in 1936.
And, Mr. President, you’re no Franklin Roosevelt.
-- Andrew Malcolm
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