White House projects bigger deficits, debt

The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted today 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.

This recession was simply worse than the information that we and other forecasters had back last fall and early this winter," Romer said.

(Via MSNBC)

Comments

black said…
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.
August 25, 2009 at 4:53 PM
Post a Comment

Popular posts from this blog

Sunny von Bulow dies after 28 years in coma

Image
After spending nearly 28 years in an irreversible coma, heiress and socialite Martha "Sunny" von Bulow died Saturday in a New York nursing home, according to a family statement. She was 76. Von Bulow was subject of one of the nation's most sensational criminal cases during the 1980s. Her husband, Claus, was accused of trying to kill her with an overdose of insulin, which prosecutors alleged sent her into the coma. He was convicted of making two attempts on her life, but the conviction was overturned on appeal. He was acquitted in a second trial. His retrial in 1985 received national attention. (Via CNN )
Read more

Ric Alonso resigns from pageant association after porn revelation

Image
Kevin Hogan wasn't the only person this week ambushed out of a job for his participation in the gay adult film industry. FOX News reports : Ric Alonso and his partner of 21 years, Ernie Koneck, have both been both prominent power players in the Southern California Scholarship Association — an incorporated not-for-profit association — which produces the Miss Hollywood pageant, an official preliminary to Miss California, and a feeder to Miss America. Alonso is listed as the first “major sponsor” for 2011 scholarship donations, while partner Koneck has been the pageantry point of contact and is featured in photographs alongside the smiling young sashed pageant contestants. On Tuesday, Alonso was exposed by RadarOnline as adult film actor and producer "Jake Cruise". FOX News adds: Following the revelation, Koneck announced his resignation Tuesday as Executive Director of the Southern California Scholarship Association, and said Alonso was in no way involved in the Miss Holl
Read more

Make Jerry Curl Great Again

Image
You can't consider yourself a writer if you don't write. In recent years, I have probably said those words to myself so often that they could be considered a mantra; a mantra that I don't want to embody but one that is nonetheless true. I don't write anymore. I don't write to faraway friends. I don't write to remember. I don't write for pleasure. I don't write for release. I don't even Tweet. At a recent job interview (for another job I didn't really want), I was asked what I would do for a living if I could do anything. Without even thinking about it, I said I would be a writer. But that was a stock answer. It's the answer I've always given to that question. But this time the answer felt phony. It felt forced. It didn't feel like me anymore. The real, ugly, scary truth is that I don't know if I still got the right stuff to be the writer I wanted to be. While I have always questioned the validity of my own voice (my
Read more