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Missed Budgets
Posted On Tuesday, August 25, 2009 at at 11:45 AM by Finance Fanatic
The White House Budget Office released their "revised" calculations of the current state of the economy, as well as the future outlook and recovery. Amazingly, (I hope you sense the sarcasm) the numbers for 2009 performance are much less than originally anticipated, as is the numbers for the predicted recovery. It was only a few months ago that the White House was calling for a end of year recovery. However, now they are predicting a 2.8% contraction for the economy as a whole for 2009, which is more than doubled their earlier projections.
In addition to that, they still are predicting a recovery beginning in 2010, however, they're prediction is now a 2% growth for next year, compared to the initial 3.2% estimate. The office is also expecting the deficit to rack up an additional $9 trillion more of debt from the periods of 2010-2019, which would essentially be doubling what we started at in 2009.
I remind you, these are the INTERNAL budget projections, which usually are set much more favorable, even more so in uncertain times. Slowly, the economy is forcing the government to whittle away at these initial projections and to come back down to earth. If they are budgeting for $9 trillion of deficit spending, I can only imagine what that actual number will be.
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The market got off to another quick start this morning due to some favorable consumer confidence and homes sales data. However, much like yesterday, buying has slowed down as the day gets closer to close due to increasing concerns. Volume remains critically low. Happy Trading.
I think his approval ratings have gone down because he promised us change, and all we got is change...(coins-leftovers). Terrible!!! Now, that’s all we are left with..some pocket change.
The budget is a mess.
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