We absolutely had to rush to pass a stimulus bill without even taking time to read it, and now the administration tells us things are far worse than expected. Doesn't sound like it saved or created much of anything. The Obama administration is developing a bad habit of over-promising and under-delivering. So let's double-down on a nationalized health service. What could possibly go wrong?
http://news.yahoo.com/s/ap/20090825/ap_on_go_pr_wh/us_obama_economy_5The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.
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