Comment

Sotomayor Confirmation Hearings: Live Stream

71
lawhawk7/14/2009 9:41:46 am PDT

OT:
President Obama is now declining to project where unemployment will go. His experts have been decidedly wrong to date, and he’s not going to estimate where the rate is ultimately going to level out.

Let’s just say that it’s an understatement. They thought it would level out at 8.5%. It’s now approaching 10% with no end in sight. Every one of those projections has a direct effect on the deficit and government revenues since it means more people will be drawing benefits, and there are fewer people paying in. Every one of his estimates going forward is off as a result; and the numbers look even worse given that the economic growth he was planning for isn’t going to come to pass. That means all his rosy budget projections are going to be wrong. The cost? You don’t want to know - and the Administration isn’t going to go out of its way to say either.