New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.That’s actually a little better than the administration predicted in February.The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates.New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.That’s actually a little better than the administration predicted in February.The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates.
The Obama Depression
By Option Trading Blog on July 29th, 2010
It’s hard to know what to call the depression we’re now entering, because the term “Great Depression” has already been used to describe The One that was drawn out into America’s lost decade during the 30′s. Perhaps the Greatest Depression? The only problem I have with that is that it doesn’t leave room for an even greater depression, and politicians, in all likelihood, will eventually produce one.
Here’s a video talking about our current “statistical recovery.” I find that an interesting term, because most of us can feel the bad vibes of the economy hanging in the air, but media coverage seems to be in denial. We all know how statistics can be fabricated and manipulated to be used as propaganda. Just look at Fannie Mae and Freddie Mac, clear examples of government hacks cooking the books to sell the American people a bill of goods.