Reply #69: White House trumpets GDP outlook

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7B6A39DCD1%2DAEEC%2D4FB7%2D8EBE%2D4A26A55FA147%7D&siteid=mktw

WASHINGTON (MarketWatch) -- Eager for some good news as President Bush's approval rating languishes, the White House on Thursday rushed out, ahead of schedule, an updated economic forecast that projects strong growth and low inflation over the next several years.

The Bush Administration now forecasts the economy will likely grow 3.5% this year, up from the 3.4% estimated by the Office of Management and Budget in July.

The White House economic forecast is typically released in late January along with the budget for the new fiscal year.

"This week's estimate for the third quarter of this year, the administration's forecast and the consensus of private forecasters all show strong economic growth. The economy has weathered the hurricanes and volatile energy prices," said Matthew Slaughter, a member of Bush's Council of Economic Advisers.

For 2006, the OMB still sees growth at 3.4% from the fourth quarter to fourth quarter. And growth will inch lower over the next few years to settle at a 3.1% rate by 2011.

...more with another Chopper Ben disclaimer...