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Obama Administration Downgrades Economic Forecasts

September 6, 2011 by  

Although the Administration of President Barack Obama has tried to garner support for its economic plan, officials have said the forecasts that were put out could be wrong, The Los Angeles Times reported.

Administration officials noted the forecasts that were originally put forward could be too optimistic, and that a downgrade of these predictions would be necessary, signalling a further decline of the economy, according to the newspaper.

Early this year, the White House said 3.1 percent growth for the gross domestic product was likely. Officials now believe growth may be less than 2 percent. The same type of downgrade is applicable for the unemployment rate, reported the Times.

“Today’s report confirms that the president’s policies have failed to deliver on his promises of job creation, deficit reduction and much-needed economic growth,” Representative Paul Ryan (R-Wisc.) said in a statement.

Although the numbers that were released from the White House have signaled that economic growth has slowed, officials from the Administration deny that the country is heading for a double-dip recession, according to Bloomberg.

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  • JUKEBOX

    I believe Obama should replace his economic advisors with some of the kids who have had their lemonade stands shut down this summer by various government agencies. They would have a more realistic perspective of the economy than these pseudo intellectuals he is depending on to bankrupt our country.

    • Eric

      Thats the best idea ive heard in a while !!

    • http://halt-foreclosures.com Mike

      Exactly true, anyone could see the handwriting on the wall with Obama’s disasterous economic non plan. Halt-Foreclosures.com

  • http://aol.com sean murrey ILLInio

    These advisors should be fired they dont know what they are doing.

    • Alex

      I think one of them actually might have been. Obama does have a new economic advisor, pending congressional approval. Maybe he finally got it through his head that the advice he’d been getting wasn’t very good.

      • http://?? Joe H.

        Alex,
        Just another victim of the under-the-bus syndrome!!! That way Nobummer saves face!!

  • http://personalliberty Don

    More lies and deception for the masses by the government

    • Al Sieber

      I agree, wait until the numbers for the 4th quarter come in next month.

  • Alex

    It doesn’t take a genius to see that a double dip recession is inevitable. I knew it was going to happen from the first dollar printed. You can’t stimulate an economy with make-work projects and government jobs, all funded on deficits paid through loans. If there is no productivity, there is no lasting effect. All you manage to do is spend money, encourage a small spending spurt, and then it goes right back where it started. Sometimes it goes back to something worse than it was to begin with.

    • JUKEBOX

      It looks like his greatly anticipated “JOBS” speech on Thursday will of consist mainly of GOVERNMENT infrastructure projects, that will be awarded to private companies who specialize in government contracts. That will really be a job creator that will create a few industrial jobs.

  • s c

    Where are the libtard progressives who look at Opraiseme as a political god? He NEVER had any economic qualifications. He doesn’t understand simple economics. He probably couldn’t explain Keynesian crap to someone who’s been in Congress for 25 years or more.
    I really think this LOSER has no conscience. It is NOT possible to do what this LOSER has done over the last three years and have a working conscience. America, we DO have a semiAmerican Manchurian Candidate, and his name is Obama. Is there anyone out there who doesn’t yet understand how America has been sold into political and economic slavery?

    • http://aol Thomas

      Hi sc. read my relpy….I talk about the Plantation….enjoy.

  • Raggs

    And we are supposed to watch this idiot on the telly blame all of this on the Republicans as he demands more spending into the unions while the demoncratic party had full control for the past two miserable years under the leadership of this communist.

    • Doc Sarvis

      President Obama’s policies have not been implemented. THAT is on congress.

      • Raggs

        Now thats just plain retarded… Everything that oblama has done has destroyed the economy… This guy cares not one little pimple on a rats ass about the private sector..

      • Emily

        People, obummer is doing EXACTLY what he got into office to do. It’s not Congress, it’s not about his advisors, it’s not about that ‘he doesn’t get it’, or that he is dumb. It’s about his demonic Marxist agenda, and he’s getting there. If he gets re-elected (by Mafia tacticts), we can all kiss OUR AMERICA good bye.

  • http://aol Thomas

    Our government has been telling us the same lies for so long they (government leaders) actually think we have fallen for their lies.
    The present administration is no different, except now it’s a BLACK President singing the same old song, come to the Plantation we will take care of you, Blacks, White’s, Illegals & Hispanic’s. Or, God forbid they give up Generations of Welfare. These same groups can choose personal responsibility and freedom, it’s not that hard of a choice. Our government is broke, there is no industry too keep the economy running, 43 million are unemployed, GDP is less than 2%, and if you really think government can or will take care of it’s citizens you are dead wrong. Just look around at what’s going on in other country’s, civil unrest, look at the cost of living going up, food, clothing, fuel is next unless we start producing & stop our dependents on foreign oil. The housing market is nothing to crow about
    as home vlaues have lost 30% plus, and even if you buy today, it don’t mean your home will hold value a year from now. Your health care
    cost is going up, but your benifits are going down. Banks are sitting on huge cash reserves, but not lending unless you have super high score of high 780 + and that’s a maybe. Time on the job, how much you make an hour. There won’t be loans like there was in 2000 thru 2007, when banks loaned Micky D’s pay of $8.50 hr. for an $250,000.00 home.
    One last thought, 43 states are on the brink of being broke, so your not going to get help from them either. Retirements, 401k’s, IRA’s, and your personal saving are at stake, if your investing in gold ETF’s
    or other gold investments like mines, leveraged accounts, the goverment want’s to tax your earnings, and like 1933, if your holding bullion in your possession they could take that too…..

  • VIC

    People – go to fairtax.org and study it. It would fix a lot of things and bring companys back to America which equals jobs, jobs and more jobs. Also would force illegals to file for citizenship. I will vote for the candidate that supports the fair tax concept.

  • TIME

    OMG, Just say it’s not so!
    Oh really how can it be that all things are not looking up when all thats been going on has been breaking the backs of the working folks, and the small business owners for the last nearly three years now.

  • onroll

    We will get from this Krueger character and maybe our committee of twelve a VAT tax added on top of all the patchwork of tax we currently have. Congress will balk, but maybe on past performance cave on some specious promise about fiscal responsibility miraculously appearing. Then we will have the ELECTIONS.
    If we do not purge most of the ejectables, regardless of party, and have them replaced by principled new blood that hasn’t made pacts with the devil we will see measurable progress out of the swamp. However, we will see so much litigious mischief and union blackmailing it may be hazardous to be either an American resident or a taxpayer during the “intefada.”

  • DaveH

    Is the economy really growing at all, or are the GDP numbers just reflecting the excess money creation by the Federal Reserve?
    Also, Government Spending is included in GDP numbers. Experiential evidence demonstrates that as Government spending increases, economies suffer.
    Read this to gain more knowledge:
    http://mises.org/daily/5123

  • krhteaparty

    I keep reminding people that THE GOOD JOBS have left the country. Sure we have “service-oriented” jobs that have replaced them, but when GOVT and BANKS have plundered and over-regulated our country then the economy goes in the tank. When the economy goes in the tank, the service-oriented jobs disappear. If we had maintained all the manufacturing jobs that went to other countries, we would still have that backbone to fall back on, but we don’t.

    Our GOVT has in conjunction with WALL ST. falsely sold us on GLOBALISM and how it would help the USA (it has helped destroy the USA…stay tuned).

  • krhteaparty

    As ROSS PEROT said in 1992, AMERICA will hear a giant sucking sound thanks to CLINTON and BUSH so called “free trade” agreements which have done nothing but destroy jobs in the USA.

    The GOP today is still calling for more “free trade” agreements to be passed/signed by OBAMA. The GOP has lost it’s marbles.

  • Rennie

    “Could be” socialism is a stupid economic model. Check contemporary financial magazines/statistics and commentary during FDR’s reign, and you will see similar pre-election massaging of economic numbers, and then a sharp drop afterwards or “revisions” when reality sets in.

  • 45caliber

    People know that these forecasts were all wrong. And they know that the administration was trying to make everything seem rosy to try to increase Oblama’s support.

    But the administration also knows that people know this. So they are now trying to tone them down so people won’t be as apt to say they are lying. After all, an election is coming up …

  • http://PersonalLibertyDigest Grandmama

    Right on Thomas and Onroll, aslo Vic (Fairtax or some form therof would be a great start).

  • krhteaparty

    Once a Flat or Fair Tax hits ALL Americans (except maybe those making less than $15k), then WE ALL will have a vested interest in making sure we aren’t over-taxed. Those on entitlements would lose as they gain with additional taxes like ALL of us. Once they “feel the pain” by having their Labor Wages “robbed,” they will collaborate (unite) more with other commoners (otherwise known as the Middle Class…because the Rich really don’t care too much about the Middle Class).

    The Poor don’t either, but if/when they have more stake in the crony-capitalism game they will begin to care.

  • David M

    SO THIS IS THE LIBERAL MESSIAH? HE BROUGHT DEATH AN DESTRUCTION TO THE WORLD.

  • Daniel

    Economic forecasts! Okay here goes, every time The One opens his mouth the forecast gets worse. Of course that is what he wants. It keeps people stirred up.
    From what I have seen in this election cycle is a repeat of the last election cycle. Let the conservative republicans and the tea party tear each other apart. Endorse the best middle of the road candidate through the media and pundits. Get them the nomination then assassinate their character.
    As long as people are hungry and divided they will believe anything including another Obama plan. Do you really think that entitlements will be curbed? People will be unreasonable to get crumbs from the emperors’ table when they are desperate.
    No he does not want a better economy.

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