Elsewhere, we need to mark another moron’s words: The Obama administration projected that the U.S. economy will expand at a 3.5 percent annual rate by year-end, a rebound that would be almost twice as strong as private forecasters expect.
Oddly enough, this is a typically French tactic, to release implausibly rosy economic figures on the theory that the buoy optimism. If only they would stick to semi-plausible ones, someone might buy it.
In the economic assumptions of its 2010 budget request, President Barack Obama’s economic team didn’t change its 2009 predictions for a 1.2 percent drop in gross domestic product this year, slower inflation, higher unemployment and lower market interest rates than a year ago.
As early as the end of this year, GDP may rise at a 3.5 percent annual rate, the same pace projected for all of next year, helped by a $787 billion stimulus package, the administration said in the report today. That’s more optimistic than the 1.8 percent fourth-quarter growth estimate in the monthly Blue Chip Economic Indicators survey released May 10.
Wednesday, May 20, 2009
Another Moron Thinning Out the Herd for Himself
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