To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Monday, March 09, 2009

No Shit

So maybe Obama's budget assumptions of future economic growth are wildly optimistic and most likely unreachable. Color me shocked.
Washington » The White House's top budget official declared on Sunday that "fundamentally, the economy is weak" while saying the administration's own financial predictions could need a revision by midyear.[...]

Orszag said. "Let's see what happens, let it work. We'll have a mid-session review later in the year. We'll have an opportunity to revise the assumptions at that point."

That revision, though, seemed unavoidable.

Obama's budget assumes the economy will grow at about 3.2 percent. Given climbing unemployment, shrinking credit and a general frustration over a crumbling economy, that now seems unrealistic.
Full story here.

Labels: , ,