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White House Cuts 2015 GDP Outlook By 33%
Despite President Obama's hubris over the 'recovery', his crowing about the jobs record, and his insistence that while "there's more to be done," everything is awesome, The White House just took the meat-cleaver to its US economic growth forecasts...cutting 2015 growth from 3% to 2%. That was not all though as their forecasts see no recession until at least 2025, unemployment under 5.0% for at least the next decade, stable inflation for 10 years, and last but not least - a 3-month T-Bill rate of over 3% within the next few years.
So growth is going to drop... but there'll be no rise in unemployment, rates will surge but there will be no inflation outbreak, and trend growth now appears to be just 2.3%...
As The Wall Street Journal reports,
The White House said it sees U.S. growth rising by just 2% this year before rebounding to 2.9% in 2016 - down from its earlier forecast of 3% growth for both 2015 and 2016 released in February - after the economy stalled during the first quarter.
The new estimate came Tuesday in the White House budget office’s “Mid-Session Review,” which updates the economic and budget projections it made at the beginning of the year. The new growth forecast largely reflects the current thinking among private economists.
The economy contracted at a 0.2% seasonally adjusted annual rate in the first quarter.
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This should make things a little awkward for Janet...
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Where will the money come from to pay up to 3% on those T-Bills?
"no recession until at least 2025"
That's about right, it'll be that long until the depression is over.
So basically, on the back 9 at CAVES VALLEY, Obama looked at the numbers and made the call that the 'PROFIT TO EARNINGS' numbers didn't look too good in his expert analysis.
If somebody sat down & wrote a COMEDY FICTION novel on how ludicrous this society has become, NOBODY would even believe the storyline. YET HERE WE ARE!
I tried a comedy fiction. But I couldn't make it funny and then all the fictional parts became reality anyway. So I gave up.
A man has got to know his limitations
Fuckin-A Awesomeness for Our Children's Future of Fairy Tales and Rainbow Skittles!
https://images.search.yahoo.com/images/view;_ylt=AwrTcXJw5KZV1aIA6EAunIl...
Not a chance of any of this happening and even the "33% reduction in GDP projection" can be described as "A good start". To be achieved that would require second haalf growth of 3% which isn'r going to happen. The only thing consistent here is that there is ALWAYS going to be an economic takeoff in the second half, aka a Hockey stick forecast. That and it is also consistent with all the other lies and BS that come out of The WHite House?
'Growth contracted at a seasonally adjusted rate of .2%'
I'd like to take a look at the un- seasonally adjusted numbers, please.
https://homes.yahoo.com/news/mortgage-applications-fall-home-buyers-1100...
That's reasonable as long as total debt growth can continue to eclipse GDP growth.
they will print......................da money
Fact.
And you will take .......................... da money.
FACT
I only take money from clients for goods or services
Do not judge me by your own standards
1) you do not know my standards at all certainly not enough to know how I might judge you or anyone else, and
2) the money will flow through the system like water through fingers, and when it comes your way by whatever route you will take it and be happy to have it and have no idea where it came from.
3) because these things were always thus and will forever be thus.
But you assumed you know my standards
So you take da money to
So what's with the post " I will take the money" as if I was on welfare or something???
Try to engauge brain before posting
Deeee Monaaaay!!!!
Is there anyone in the white house who understands this? A bunch of cock smoking crackheads led by that flaming faggot obama. Fuck every one of you. Burn the place down
Give them a break, they ran out of napkins in that bar, but obviously not booze..
If you think that's bad, wait for the revision.
in 3 months time they can put a 1 in front of that 33%
33% of .01%?
33% of 1%.
Barry's advisors cut open a chicken and the entrails showed them a GDP of 2% for 2015.
Even Krugman says the Fed. is making a huge mistake raising rates anytime this year.
Paul Krugman: The Fed Is Going to Be Wrong When It Eventually Raises Rates - Bloomberg Business
Uh Krugman is a fucking Socialist who also advocated NEGATIVE rates and Trillions in Deficist as far as the eye cee - we just owe it to ourselves in his view so it doesn't matter.
...and alien invasions.
So Klubman thinks that we should think that the potential to raise rates is real.
Go AlGos or Go Home.
This is a forecast of what will be the reported GDP and employment numbers. OK, I believe that's possible.
3% on 3-month T-Bills is highly unlikely though. Things would get broke.
But TheFed have promised to raise rates. So the report had to finger 3%. It's like atomic physics, it just happens.
Look it's all lies anyway just enjoy the unintentional humor in it.
I posted down at the bottom that a 3% increase (the 3 month is at 0.02% as of the 13th) across the entire yield curve means additional debt service costs of $540 billion on the nominal $18 trillion national debt.
Uh, yeah. Things would break.
So The Greatest Depression lasts until 2025. Got it.
No, they don't say it will end. It just is certain to continue to that date...
Apparently no harsh winters for the next 10 years, either.
Make that 15. Scientists are now predicting the sun will take a nap and give us a mini ice age from 2030-2040. I still haven't figured out how they were allowed to suggest such a possibility given all the global warming/climate change BS we keep hearing. Unless Obama wants to claim credit for cooling the atmosphere as well as stopping the rise in sea levels.
Yeah the sun spots have been on a decline the last decade, and whatever warming there was has leveled off the last 20.
Niganomics.
What a bunch of fucking clowns.....
I take that back, at least clowns are funny.......
dey ain' no shame bein' a clown...it be a step up ovah d'carney...
The title of this article is probably closer to the truth--as opposed to a cut in just "growth."
After the SHTF what Disney will look like,,can't wait..
http://www.huffingtonpost.com/2015/07/15/abandoned-disney-world_n_780135...
I know it's hufpo but stay with me..
Down arrowed for linking to huffpo...
BREAKING NEWS!!! In an effort to stimulate the economy the White House has issued an ultimatum to Ireland: "All your base are belong to us", demanding that all Leprechauns, and their respective golden pots, be
surrendered forthwith! However, there was some dissent considering gold is a barbarous relic of little value.
The the Union of Industrial Brotherhood Skittle-Shitting Unicorns AFL-CIO took exception to this plan to rely on foreign sources of imaginary wealth production, and sunk the whole thing.
North Korea also makes notice that any future profits economically resulting from the labor of modern day unicorns are considered taxable as tribute to the first known lair found on the northern Peninsula.
http://www.usnews.com/news/articles/2012/11/30/north-korea-says-its-foun...
The Irish don't even have anything as urgent as manyana, so forget the forthwith.
The really big headline should be that the WH thinks long run real GDP growth is 2.3%. That's a big haircut from the historical average.
Oh, you forgot to highlight the part where Obama is going to power the world with his farts.
"no recession until at least 2025" Sure! Sure!
Can't even correctly predict the US GDP one quarter in advance.
Notice that after about 5 years, they just start assuming the same numbers every year. John Nash would be proud.
Are these numbers before or after adjusting for hookers and blow?
They were written by hookers on blow.
[deleted]
nevermind
unemployment under 5% hahahhahahhahhahahahahahahahahahahahahahhahah. lets see, shadowstats says about 23%, so lets say theyre lying by a reduction of about 5x the reality. lets carry that over to the gdp. that would work about right. .2% Q1 contraction x 5....yep, i'd agree to that....1% contractions comin up for the next 10 years...sounds more plausible than their unadjusted numbers.
Yes, and realize that 5% unemployment is now the new 3% unemployment rate.
See, 3% uneployment has been widely considered to be what economists call "Full Employment" for going on 6 decades or more. But sometime over the last 10 years the neoliberal gang running our Federal Reserve and Treasury did a slight of hand making 5% the target.
Now, you know when you are at full employment when the wages for workers start to rise, something that has not happed for all but 2 years over the past 40+ years.
Whether full employment is a 2.8% uneployment rate or a 3.5% unemployment rate is unimportant really since we only know we are there when the rate of pay goes up.
Four decades is a long time to work and never see a pay raise. This is a key driver for why the consumer economy has stalled and why wealth inequality has gotten so huge.
3 mo T-bill at 3%? The 10y UST won't even reach 3%.
Economy will be in obvious recession next year just around election time. Neither a Bush nor a Clinton can possibly win it.
No matter how much they spend, no matter how bad our foreign deals are, no matter how many productive people pack it up and leave, or look at the mess we have and just quit trying, the gov is always going to say there's going to be a rebound. Well, if you dig up the graves of the people who worked for a living and prop them up in a chair, maybe. Just maybe, if you weren't so busy handing out billions of dollars to every sorry sap country and individual with their hand out, maybe we would rebound. But since gov clearly stated that this is NOT the policy, then down we go. In fact, we already jumped off the cliff around 1983 or so, and NOBODY has tried to change course since. The every-man-for-himself attitude rules. Down we go.
3 month at 3%, huh? It's currently at 0.02%.. Assuming the entire yield curve heads up by 3%, I'd be interested in how they're going to fund an additional $540 billion in interest expense.
Of course, those who control the economic numbers coming out of DC can pretty much manipulate anything they want, but that $540 billion would be a real number, year after year after year.
These are all foreplay numbers..and then they let you down before you realize that this is not the real score..
don't get excited
They will only be for sale on Uranus and Pluto
Words like stagflation and slow growth may be the cornerstone of the global economy for years to come. Currencies are the "Trojan Horse" of governments, and a weapon that will be used to fleece the average citizen out of his wealth. To think those in charge of our central banks and economies have the wisdom to guide us on the path to prosperity is a bit naive.
Knowing that many of those leading us honed their skills in the noncompetitive ivory towers of academia rather than in the arena of commerce should give us pause. Even before you factor in things like hidden agendas and arrogance it would not be wise to follow them blindly. The article below explores this subject.
http://brucewilds.blogspot.com/2015/06/stagflation-and-slow-growth.html
Inflation is 8%
Gov says it is 2%
Gov says growth is 2%
subtract 6%
we have -4% growth for 15 years.