Economy In Much Worse Shape Than Expected: White House
Started by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Discussion about
malthus originally posted in a thread, but I thought worthy of its own, so SteveF could try and spin it. http://www.cnbc.com/id/32551478 "The US economy will shrink far more than expected this year and will rebound much more slowly than forecast after that, according to a bleak new assessment by the White House Budget Office. The federal government also faces exploding deficits and mounting debt... [more]
malthus originally posted in a thread, but I thought worthy of its own, so SteveF could try and spin it.
http://www.cnbc.com/id/32551478
"The US economy will shrink far more than expected this year and will rebound much more slowly than forecast after that, according to a bleak new assessment by the White House Budget Office.
The federal government also faces exploding deficits and mounting debt over the next decade, far worse than what the Obama administration had estimated just a few months ago.
The revised estimates project that the economy will contract by 2.8 percent this year, more than twice what the White House predicted earlier this year."
...
"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.
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Response by anonymous
about 17 years ago
"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.
Then why did the CBO get it right but you couldn't.....your both working off the same numbers!
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
Two words: Natural Gas
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Response by NYCMatt
about 17 years ago
Posts: 7523
Member since: May 2009
One word: INCOMPETENCE.
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Response by alanhart
about 17 years ago
Posts: 12397
Member since: Feb 2007
Two words with an initial in-between: He Whose Name We Care Not to Speak
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Response by HH11231
about 17 years ago
Posts: 117
Member since: Aug 2009
So I guess they won't be extending the first time home buyers tax credit.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
They'll extend the tax credit, but then increase everyone's taxes twice that anyway.
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Response by mutombonyc
about 17 years ago
Posts: 2468
Member since: Dec 2008
How many jobs has NYC lost?
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Response by falcogold1
about 17 years ago
Posts: 4159
Member since: Sep 2008
There's a big difference between sh*tty weather and the sh*t hitting the fan.
Is the executive branch of our fair country begining to own up to the difference?
Government finance and home finance are exactly the same. It's money in vs. money out with one tiny difference. You don't have a money printing machine in your basement. If you did you could just print up some extra money and pay off some of those credit cards. That sounds great! If it was just you or me doing it and, we got away with it...life would be beautiful. When the federal government does it the scale is so huge it creates unintended consequences that we will have to live with for generations to come. So now we here the talk, will Obama and his chronies walk the walk. This would include a reduction in the money supply, increased interest rates, increased payroll taxes, increased personal income tax, raising the capital gains tax, I could go on and on...
Will Obama face this nation and, excuse the expression, call a spade a spade.
He should be on TV holding a mirror to us and asking what we see. A country of fat out of shape trans-fat chugging exersize avoiding diabetic hypertensive neurotic complaining load mouths. Want to fix health care? How about a fat tax? We weigh you and you pay based on your deviation from insurance hight/weight charts. How about a no exersize tax? How about a tax on prepared foods that don't meet certain health & nutritional guide lines? How about even if you paid into the social security but, you had the ability to amass a certain amount of $$$ then you are disqualified from the program. This country has provided you with a home and a rule of law that has enabled you to earn a greart living then you don't get to pick from the kitty. Your 80 and you can afford health insurance...why are you taking money from your failing government. I said it before and I'll say it again this country has been hijacked by the oldsters who sent in place regulations that force us, the young'in to pay theor bills. On top of it when they put us on the hook they promised to die at 72! They are welching on the deal!!!
My answer, OK I'll pay for you untill 72 but, after that you are on your own. Considering all the hands in my pockets you would think I'd be having a better time.
On the other thread, the article pointed to said about 400k at this point. This one says 360k last quarter, so sounds about right.
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Response by w67thstreet
about 17 years ago
Posts: 9003
Member since: Dec 2008
falco thxs for the other post. yeh, I tried working with my dad, didn't take... but still love him. I had a complete different image of you, nice to have it filled in a little.. and doesn't it feel great to unload on an anonymous board :)?
as to your above post, yeh I remember a car loan at 19% in 1986 so your mortgage of 18% seems right on... .these kids have no idea... Bernanke is flying blind and is trying to turn off the spigot a little....a trillion here or there, I have complete faith in a cook who has never cooked this meal before but read a magazine article about it while in college.... can't wait to dig in...
"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.
Then why did the CBO get it right but you couldn't.....your both working off the same numbers!
Two words: Natural Gas
One word: INCOMPETENCE.
Two words with an initial in-between: He Whose Name We Care Not to Speak
So I guess they won't be extending the first time home buyers tax credit.
They'll extend the tax credit, but then increase everyone's taxes twice that anyway.
How many jobs has NYC lost?
There's a big difference between sh*tty weather and the sh*t hitting the fan.
Is the executive branch of our fair country begining to own up to the difference?
Government finance and home finance are exactly the same. It's money in vs. money out with one tiny difference. You don't have a money printing machine in your basement. If you did you could just print up some extra money and pay off some of those credit cards. That sounds great! If it was just you or me doing it and, we got away with it...life would be beautiful. When the federal government does it the scale is so huge it creates unintended consequences that we will have to live with for generations to come. So now we here the talk, will Obama and his chronies walk the walk. This would include a reduction in the money supply, increased interest rates, increased payroll taxes, increased personal income tax, raising the capital gains tax, I could go on and on...
Will Obama face this nation and, excuse the expression, call a spade a spade.
He should be on TV holding a mirror to us and asking what we see. A country of fat out of shape trans-fat chugging exersize avoiding diabetic hypertensive neurotic complaining load mouths. Want to fix health care? How about a fat tax? We weigh you and you pay based on your deviation from insurance hight/weight charts. How about a no exersize tax? How about a tax on prepared foods that don't meet certain health & nutritional guide lines? How about even if you paid into the social security but, you had the ability to amass a certain amount of $$$ then you are disqualified from the program. This country has provided you with a home and a rule of law that has enabled you to earn a greart living then you don't get to pick from the kitty. Your 80 and you can afford health insurance...why are you taking money from your failing government. I said it before and I'll say it again this country has been hijacked by the oldsters who sent in place regulations that force us, the young'in to pay theor bills. On top of it when they put us on the hook they promised to die at 72! They are welching on the deal!!!
My answer, OK I'll pay for you untill 72 but, after that you are on your own. Considering all the hands in my pockets you would think I'd be having a better time.
How many jobs has NYC lost?
http://www.comptroller.nyc.gov/cnote/08-24-09.shtm
On the other thread, the article pointed to said about 400k at this point. This one says 360k last quarter, so sounds about right.
falco thxs for the other post. yeh, I tried working with my dad, didn't take... but still love him. I had a complete different image of you, nice to have it filled in a little.. and doesn't it feel great to unload on an anonymous board :)?
as to your above post, yeh I remember a car loan at 19% in 1986 so your mortgage of 18% seems right on... .these kids have no idea... Bernanke is flying blind and is trying to turn off the spigot a little....a trillion here or there, I have complete faith in a cook who has never cooked this meal before but read a magazine article about it while in college.... can't wait to dig in...