The White House said Friday it expects that unemployment will stay at or above 9% until 2012, but at the same time forecast that the economy will grow by at least 4% in 2011 and 2012.Really? Four percent growth and still 9% unemployment? How does that work? Oh yes, that 4% growth I guess goes to the top 1% again. Rest of us? Well, not so much.
It also revised its long-term deficit estimate under President Obama's proposed 2011 budget: The administration now believes the 10-year deficit will be $58 billion less than projected in February when the budget blueprint was first released.
And this is the optimistic projection. Reality is more like 11 or 12% unemployment and the next leg of the depression.