Friday, July 23, 2010

Your New Normal Kinda Sucks

White House projections are 9% plus unemployment for, oh, the next couple years.
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.

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. 
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.

And this is the optimistic projection.  Reality is more like 11 or 12% unemployment and the next leg of the depression.

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