WASHINGTON — The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today's bleak landscape.
The administration's annual midsummer budget update is sure to show higher deficits and unemployment and slower growth than projected in President Barack Obama's budget in February and update in May, and that could complicate his efforts to get his signature health care and global-warming proposals through Congress.
The release of the update — usually scheduled for mid-July — has been put off until the middle of next month, giving rise to speculation the White House is delaying the bad news at least until Congress leaves town on its August 7 summer recess.
The administration is pressing for votes before then on its $1 trillion health care initiative, which lawmakers are arguing over how to finance.
The White House budget director, Peter Orszag, said on Sunday that the administration believes the "chances are high" of getting a health care bill by then. But new analyses showing runaway costs are jeopardizing Senate passage.
Link
the summer recess should be permanent.
ReplyDeletewe must be crazy putting up with this
crap. how much more is it going to
take for the sheeple to wakeup.
HELLO, is anybody familiar with the THE COMING INSURRECTION IN AMERICA??? A book...
ReplyDeletehttp://pencildicksvstheworld.blogspot.com/
....how much more is it going to
ReplyDeletetake for the sheeple to wakeup.
Some of them will never wake up. YHVH said He will take His people into the bowels of Babylon before He redeems us.
Anon #1 - I think many have, but what are people supposed to do other than share the knowledge? Bum rush Washington with pitchforks?
ReplyDeleteWe are slaves who depend on the system for everything. In a blink of an eye, they can close down all food markets, communication, water, interstates, TV/web, fuel. It would be the shortest revolution in the history of the world. A week, maybe two, start to finish.
We are ants in an ant farm and they can shake the ant farm at will. This is NOT coward talk, this is logic. This is rationality.
Sharing knowledge and passive resistance is the only possible path. Your enemy right now is your fellow American's ignorance and apathy.
All the old propaganda tricks work 90% as well as they did years ago, ie the soldier being held in Afghanistan - shit. Rally the lemmings!
"Change we can believe in!"
ReplyDeleteWhat? My TV tells me the economy is looking good and unemployment is going up? What in the heck are you conspirators talking about anyway? The TV said this small recession has bottomed out and things are going to get better. The stimulus package is just kicking in. And stock market will go up!
ReplyDeleteEverything will be fine, don't worry about these minor issues.
Just keep watching your TV, and everything will be fine.....
I spent the last four days in my RV (an inexpensive 28 foot travel trailer) at a large RV park. Four RV clubs were there, comprising of about 100 BIG celebrity type motor homes in the 300 to 400 thousand dollar price range. Many of these motor homes were pulling a car or SUV like a Toyota or Lexus, or Jeep Cherokee. During my stay, I visited Tulsa, OK and Joplin, MO. The malls in both cities were filled up with shoppers. People were waiting to get in resturants, and in line for the low cost gasoline (2.13 a gallon the cheapest I saw). There were zillions of high dollar motorcycles of all flavors on the roads. Economic activity was everywhere I looked. New contruction was everywhere. I know we are in an economic crisis, so when will some visible signs of it appear?
ReplyDeleteSounds to me like you were surrounded by the richest 2%. Don't worry, their day is coming too.
ReplyDeleteWhen I hear a story like that I think of the picture I saw of a rich business tycoon in NYC that lost it all standing next to his car with a sign "$100 gets the car, $20 gets this suit.'
these dummies paid top dollar for these rv's, they are selling for 1/2 price now. low interest rates keep the sheeple going. the lunch is on their cc card..quite funny watching these dummies as the 24 trillion dollar bill comes in
ReplyDeleteYes there are sectors of the public that the crisis has not hit yet. Many people with good passive incomes and paid for toys out there. I did not see a lot of young marrieds in those big RV's. In the midwest where I live, things are not too visible on the economy yet. The unemployed are doubtlessly thinking the worst every day though. Unemployment through forced layoffs is rising at specific companies here.
ReplyDeleteI guess the "unaffected" like myself are just not seeing it. Retirement is good!
A lot of people are still living like they always have if they're still employed, because they have income coming in and still have credit. At the same time, they have probably lost tens of thousands in their mutual funds, 401ks, etc. but that's just on paper, to them; it doesn't affect their everyday life...yet.
ReplyDeletePlus we're a spoilt nation. Even my husband and I, as aware as we are and making not much over half what we used to, still eat at restaurants once or twice a week. We still shop when we need something. I guess we're trying to prolong the "good times" as long as we can because it's about to get a lot worse. We should probably be saving more, but like I said, we're somewhat spoiled. Once you're prepared to the extent that your budget allows (we can't go buying a retreat property now), and are spiritually prepared, you can relax a *little* bit, especially when you're tired from working and then coming home and working getting garden produce put up.
This delay is very disturbing. Either it's because it's very bad and they're trying to make it look better, or they're just incompetent in their jobs, not getting reports done on time. If the latter is true, even that does not bode well because we have a bunch of incompetent people trying to fix a depression.
ReplyDeletewe have been on a high for over 20 years. Things have been going up, the stock market, housing, rent, food, gas..EVERTHING. So the public is used to the continued exuberance , we just don't know any better! We keep using the card, living day to day like there is no tomorrow. Kids tomorrow are screwed! They know no better!
ReplyDeleteThe tic (the Fed, Goldman Sachs) hasn't sucked out every drop of blood yet. So they are happy to use their media to convince people all is well while they finish the job.
ReplyDeleteUSA Today reporting that the recession will end in Sept should give people a clue that they are planning a very bad late fall.
Holiday sales will be even worse than last year. Maybe much worse ....
I'm doing my christmas shopping now because we all know how important comsumerism is to celebrating the birth of our Savior and what with the depression and all I'm pretty sure unnecessary tangible goods won't be obtainable
ReplyDeletecome december what with the roving street gangs and spontaneous milities fighting government troops in the streets.
Mainly, I'm going to be giving 8 packs of Toilet paper for christmas. The best gift in the whole wide world in war times!
Throw in a bunch and cat litter!!
ReplyDeleteWhen I hear comments of Americans fighting the tyranny via street battles I have to chuckle. Sorry, this isn't Iraq or Afghanistan. We are a nation of spineless cowards.
ReplyDeleteOf course there are some hardcore militia I am sure, but they are the .001%.
100 years of dumbing down, vaccinations, flouride, food poisoning, and FDA-pimped drugs have giving us a gene pool of lemmings.
Revolution? lol - funny.