Obama: Gee, Sorry 'n Stuff, But I Guess I Was Way off in My Earlier Economic "Projections"

Obama formally retracts his Bizarro-world "forecast" of a mere 1.2% GDP contraction for the year -- the rotten intellectual foundation upon which his shanty-town edifice of blockbuster spending is built-- and admits that it's going to be 2.8% contraction.

And I bet that's still overoptimistic by half.

Due to this admission of changed (ahem) circumstances, Obama announced he would be putting his spending programs on hold in order to devote all of his presidential power to spurring a recovery is doing the exact same shit he was doing last week.

Why did the OMB hold out this long against CBO predictions? Simple; the Obama administration needed sunnier numbers in order to justify its plans to spend vast sums of money on its social-engineering agenda. Even in the best of times, these programs would be disastrous, but during a deep recession, they will kill any hope of economic growth. In short, OMB indulged in political hackery, hoping to continue their deception long enough to get ObamaCare and cap-and-trade through a compliant Congress. Now they have to admit that they either conducted an incompetent analysis while most significant economists scoffed at their projections for growth, or cooked the books.

Or he can blame Bush for bequeathing him an economy even more ruined by Republican malfeasance than he ever, ever suspected.

I'm guessing Option 3. Who wants to bet against me? I'll give you 100:1 odds.

posted by Ace at 12:30 PM

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