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The Obama administration has trimmed its economic outlook, predicting that GDP will grow 2% this...

The Obama administration has trimmed its economic outlook, predicting that GDP will grow 2% this year vs a prior forecast of 2.3%, and 3.1% in 2014 vs 3.2%. The White House's Office of Management & Budget cited "serious headwinds" for the reduced estimate, such as sequestration, European austerity and China's slowdown. The government also cut its deficit prediction to what would be the lowest level in five years, $759B, or 4.7% of GDP. The forecast in April was $973B, with higher-than-expected tax revenue helping to reduce the deficit.
Comments (5)
  • stabletker
    , contributor
    Comments (58) | Send Message
    Its about time the tea people found something the PREZ said that they'll believe.
    9 Jul 2013, 03:31 AM Reply Like
  • nemonemo
    , contributor
    Comments (334) | Send Message
    Oh socialism not working well ?
    9 Jul 2013, 04:32 AM Reply Like
  • noob
    , contributor
    Comments (393) | Send Message
    I think it's funny that they are blaming things that have been in the works for a rather long time and much of which have been already recognized/realized by the market. Sequestration is old news and just a ploy to hike tax & spend practices. Austerity -- been there, done that, nothing new. China might be new but it's been in the works for a quarter.
    I think what's really happening with the economic slowdown has more to do with the twisted effects of obamacare causing a shift of full-time to part-time employment over the last year and growing rapidly. Unemployment is flat by Whitehouse terms, but U6 is climbing. But this is only one affect.
    My opinion is that the federal reserve money policies has never restored the economy in any real sense, it merely propped up specific numbers and the demise of everything that wasn't being measured. I mean, we all know that inflation has been flat despite a near doubling in food and energy costs. Why is that? Housing is a large factor in their numbers.
    According to the government everything is fine. There is no "check engine" light on and yet... Things are starting into a strange veering off course pattern. What's really interesting is what is not in the news.
    9 Jul 2013, 05:57 AM Reply Like
  • YellowLab1
    , contributor
    Comments (134) | Send Message
    With those downward revisions of already very poor GDPs do you think a whack of increasing interest rates might make matters worse ?
    9 Jul 2013, 07:05 AM Reply Like
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
    Stupid voters getting what they voted for - an economically-incompetent leader.
    9 Jul 2013, 08:41 AM Reply Like
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