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Thread: CBO Predicts Economy to Rebound in 6 to 12 months-Porkulus is a Dem Scam

  1. #1
    SeedyROM
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    Default CBO Predicts Economy to Rebound in 6 to 12 months-Porkulus is a Dem Scam

    Porkulus aka the Obamaton Stimulus Pork Bill scandal is not needed based on honest and ethical patriots whom the U-MSM somehow refuse to discuss. The Congressional Budget Office is made up of Real Americans, not those tax and spend liars who call themselves democrats or republicans. The real story is hidden from the people for a reason, we are not important enough for them to give a hoot!

    Democrats voted for Porkulus, the majority of Democrats voted for the Wallstreet and Detroit bailouts, both those Bills were littered with wasteful spending. Porkulus is littered with a lot more garbage. The Bill is a waste of human effort, the Bill is a crime occuring in real time.

    They are deceiving Americans. Obama and the Democrats are Fearmongering and Threatening the Economic National Security of this nation with risky, wasteful spending designed primarily to loot the treasury for special interests and foreigners begging for money for pet projects. Over half the Bill benefits a minority of Americans.

    Obama has proven he is not what he campaigned on, he is a charlatan in bed with those drive-by liberal muggers Pelosi, Reid and the rest of the tax & spend thieves. America is being conned. You heard it here first because I care more about the facts than I care about politicians out to deceive you and me.


    Take note that the CBO Outlook excludes new spending!!!


    http://www.cbo.gov/ftpdocs/99xx/doc9..._Testimony.pdf
    The Near-Term Outlook CBOs forecast is based on the assumption that current laws and policies governing federal spending and taxes do not change. Thus, the forecast does not reflect the impact of any fiscal stimulus package or other elements of the new Administrations economic program. Instead, the forecast is an assessment of the economic outlook without such a package. However, the forecast does assume that the Federal Reserve and the Treasury, using resources already allocated, continue to act vigorously to stem the turmoil in financial markets. In particular, the forecast assumes that the Federal Reserve will keep the federal funds rate close to zero and will continue to supply very large amounts of credit to financial markets until financial conditions and the availability of credit return to normal. The forecast also assumes that the Federal Reserve will act to address any adverse developments that threaten the liquidity or stability of the financial system.

    Under those assumptions, CBO anticipates that the current recession, which started in December 2007, will last until the second half of 2009, making it the longest recession since World War II. (The 19731974 and 19811982 recessions both lasted 16 months; if the current recession continues beyond midyear, it will have lasted at least 19 months.) It could also be the deepest recession during the postwar period in terms of the difference between actual and potential output. By CBOs estimates, economic output over the next two years will average 6.8 percent below its potential. The unemployment rate will increase to 9.2 percent by early 2010, up from a low
    of 4.4 percent at the end of 2006. The peak figure would still be below the 10.8 percent unemployment rate seen near the end of the 19811982 recession, because the unemployment rate was much lower at the start of this recession than it was before the downturn in the early 1980s. According to CBOs forecast, real gross domestic product (GDP) in 2009 will average 2.2 percent below its level in 2008 and in 2010 will average only 1.5 percent above the 2009 level (see Table 1).
    http://www.democratandchronicle.com/...0343/1002/NEWS

    Gross domestic product, a measure of the national economy, has been shrinking, and some economists expect the last three months of 2008 will show a negative rate as high as 6 percent.

    When will it all end? When will the economy stop receding and resume growing?

    Opinions vary widely about when a recovery will begin and what it will be like. Many economists and business leaders expect growth in the second half of 2009. Some said early 2010.

    All predicted the next few months will probably be like the last few months: ugly. "I'm bullish, but the next six months are not going to be pretty," said Mark Zupan, dean of the William E. Simon Graduate School of Business Administration at the University of Rochester.

    The recovery could begin in the third quarter of 2009, Zupan said, with stimulus already under way in the form of lower energy costs and lower interest rates. But in the meantime, unemployment will rise.

    Zupan expects U.S. joblessness to increase from December's 7.2 percent, the highest in almost 16 years, but not reach the highs of the 1981-82 recession, when the rate hit 10.8 percent. In the Rochester area, the unemployment rate was 5.9 percent in November, while the statewide rate was 6.1 percent. December figures for the state and region are due out later this month.

    "I don't think people are expecting any real change until well into the second half of the year, probably fourth quarter," said Sandy Parker, Rochester Business Alliance president, as she addressed the 2009 outlook last week. "It's going to be a long year."

    Wild cards and unpredictable variables exist, so predictions can fall flat, the experts said. Zupan noted that energy prices could still rise if there is instability in the market, or if events seemingly as far away as the Russia-Ukraine standoff over natural gas disrupt supplies on a wider basis.

    Another major factor is government stimulus, or targeted spending, which is being devised by President-elect Barack Obama and Congress.

    Estimates of the stimulus bill range from $775 billion to $1 trillion.

    That targeted spending could help the economy, said Daniel Tessoni, accounting professor at Rochester Institute of Technology. But "we're running out of the prescriptive tools necessary," he said. "The federal government can only do so much."

    Tessoni is concerned that Obama is talking about a $300 billion tax cut over two years at the same time he's proposing aggressive new spending on infrastructure such as roads and bridges across the country. "Pretty soon, you just can't keep doing that," the RIT professor said

  2. #2

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    Thats in keeping with the messiahs promises to clean up WA...rotfl.....what
    a joke. Hes just what many of us thought and hes proving it right out of the
    gate beginning with the criminals he chose for his cabinet.

    Hes a dictator.
    "Please dont lie, cheat or steal...the government doesnt
    like competition".

    PROMOTE SELF DEPORTATION! NO JOBS, NO SERVICES,
    NO PROBLEMS.

    What are reparations? Making me pay
    for something I had nothing to do with compensates no one
    who suffered an injustice therefore I would be penalized for
    something I didnt do and someone else would receive a settlement
    for an injury they did not suffer.
    Author: Me!

    Join "Team Sarah"

    Join The American Tea Party

  3. #3
    Senior Member Smurf-Herder's Avatar
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    Quote Originally Posted by Cat slave
    Thats in keeping with the messiahs promises to clean up WA...rotfl.....what
    a joke. Hes just what many of us thought and hes proving it right out of the
    gate beginning with the criminals he chose for his cabinet.

    Hes a dictator.
    He's not a dictator yet, Cat.

    He hasn't yet closed down free speech. The wife of the former director of Air America is working on the new Fairness Doctrine as we speak.
    "I am not a number. I am a free man!"

  4. #4
    SeedyROM
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    Quote Originally Posted by Cat slave
    Thats in keeping with the messiahs promises to clean up WA...rotfl.....what
    a joke. Hes just what many of us thought and hes proving it right out of the
    gate beginning with the criminals he chose for his cabinet.

    Hes a dictator.
    I think Obama meant to cleanup Washington by looting money lying around that he deems dirty.

    Obama is not what Voters Voted For. Obama is a crooked Chicago Thug!

  5. #5
    SeedyROM
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    The Democrats’ stimulus bill is a “sham” that could pass unless enough angry voters besiege Congress with calls and e-mails, Sen. Jim DeMint, chairman of the Senate Steering Committee, tells Newsmax.

    Citing a new Gallup poll showing that three out of four Americans oppose the stimulus in its present form, the South Carolina Republican says Americans are beginning to understand what the stimulus bill is: a grab bag of spending measures that Democrats lusted after for years and will do little to stimulate the economy.

    “When people see bike trails and hiking trails and golf courses, they know this is not designed to stimulate the economy and create jobs,” DeMint says. “It’s just basically special-interest, pork-barrel spending. I think the real shame is when people here know that Americans are hurting, and people are losing jobs, and to use that as an excuse to spend money is really terrible.”

    Appearing on MSNBC, Chuck Todd of NBC has cited private conversations with Democrats who “admit the Republicans have won the spin war here.” To counteract that, President Obama has gone on a media offensive, conducting interviews in the Oval Office with ABC, CBS, NBC, CNN and FOX News.

    But DeMint says the Democrats are being driven not by polls but by special or parochial interests.

    “No longer are politicians working for the good of the country,” he says.

    The Democrats desperately want Republicans to share ownership of this,” DeMint says. “If it passes the way it is, it’s going to pass as a Democrat bill, and I don’t think they want that because I doubt that anyone in the administration really thinks it’s going to work.”

    The bill would permanently repeal the alternative minimum tax, keep capital gains and dividends taxes at 15 percent, repeal the marriage tax penalty, simplify itemized deductions to include only home mortgage interest and charitable contributions, and lower from 35 percent to 25 percent both the corporate tax rate and the top marginal income rates that are paid by most of the small businesses that create new jobs.

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