The Cellar - The Obamanation

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Exactly. Except for thinking people. ;)

A bleaker outlook for economy into 2011

Quote:

WASHINGTON — The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists.

The latest quarterly AP Economy Survey shows economists have turned gloomier in the past three months. They foresee weaker growth and higher unemployment than they did before. As a result, the economists think the Federal Reserve will keep interest rates near zero until at least next spring.

Yet despite their expectation of slower growth, a majority of the 42 economists surveyed believe the recovery remains on track, raising hopes that the economy can avoid falling back into a "double-dip" recession.

The AP survey compiles forecasts of leading private, corporate and academic economists on a range of indicators, including employment, consumer spending and inflation. Among their forecasts:

_ Economic growth the rest of this year and early next year will weaken, to less than 3 percent. From January through May, the economy grew at roughly a 3.5 percent pace.

_ The unemployment rate will be no lower at the end of the year than it is now — 9.5 percent. A majority think it will be 2015 or later before the rate falls to a historically normal 5 percent

That's why growth of less than 3 percent is forecast into 2011. And weak growth helps explain why unemployment is likely to stay high. It takes about 3 percent growth just to create enough jobs to keep pace with the population increase.

At the same time, state budget shortfalls have emerged as a major threat in the economists' view. State and local governments cut their spending in the first three months of this year at a 3.8 percent pace. That was the biggest cutback since the second quarter of 1981, just before the economy entered a severe recession.

Then for the good news ...

Quote:

Nearly two-thirds of the economists view the states' budget crises as a significant or severe threat to the rebound.

Despite such risks, 55 percent of the economists described the recovery as "on track" as of the middle of the year. The rest said it was "faltering."

"There's a risk that the loss of momentum will snowball and feed on itself, but I think in the end the recovery will stay on track," predicted another survey participant, James O'Sullivan, global chief economist at MF Global.

Ass Press

Quote:

Originally Posted by classicman (Post 673465)

A bleaker outlook for economy into 2011

Imagine that... the Dems are bankrupting this country.:earth:

Yeh well we collectively are "this country"

Reactionary Affliction -- a philosophical treatise of sorts, the kind of thing you find on bright boys' blogs.

Ohio and Indiana have more member of the KKK than the South.

Pretty funny...

Robert Gibbs says leftwing critics of Obama 'ought to be drug tested'
White House press secretary Robert Gibbs says Obama's critics on the left are 'crazy' - and then tries to apologise

http://www.guardian.co.uk/world/rich...-critics-obama

Quote:

Originally Posted by TheMercenary (Post 675818)

When the WHPressSec speaks,
I get the image of someone buried up to their neck on a beach at the high tide mark,
with an incoming tide and a sand storm blowing out to sea.

Did you always feel that way Lamp, or is it just towards this particular one? Please enlighten us.

Quote:

Originally Posted by Lamplighter (Post 675843)

When the WHPressSec speaks,
I get the image of someone buried up to their neck on a beach at the high tide mark,
with an incoming tide and a sand storm blowing out to sea.

I think more of a Muppet.

Oh, I am certainly on the liberal side of almost everything,
but I don't know if that translates into sand or seawater.

I think the surprise here was the vehemence of Gibbs remark,
maybe he even surprised himself, and it was certainly beyond
what we "crazy" lefties would have expected.

But I'm not particularly worked up about this episode because
it's just the natural time-progression of each administration's perspective on the press.
(Remember Nixon's final: "You won't have Nixon to kick around any more...")

Quote:

Originally Posted by Lamplighter (Post 675865)

Oh, I am certainly on the liberal side of almost everything

Oh yea. Me too. :D

But really, the whole WH press conferences have become a big joke.

I guess this fits here. Apparently, the misdirection crowd has successfully convinced 18% of Americans that Obama is a Muslim. ( I think he's a cryto-Catholic myself since most of his schooling in Indonesia was Catholic. ;)) Apparently the Manhattan mosque thing is costing him the support of people who would never support him.