(Bush) White House Sees 'Strong' Econ Recovery Early In Obama Administration

[sabra]

Source: DowJones News Feed

WASHINGTON -(Dow Jones)- The Bush administration said the U.S. economy should emerge from its slump in the second half of the year - an optimistic forecast released days before President-elect Barack Obama inherits a recession and mammoth budget deficit.
"The actions taken by my administration in response to the financial crisis have laid the groundwork for a return to economic growth and job creation, and they are beginning to show some early results," President George W. Bush said in a letter to Congress that accompanied the annual Economic Report of the President.

The report, prepared by the White House's Council of Economic Advisers, says economic growth should be an anemic 0.6% this year after contracting 0.2% in 2008. That contraction is seen continuing in the first half of the year before growth resumes in the second half. For 2010 and 2011, the White House projects growth of 5.0%.

The White House's report is far rosier than most other projections. Last week, the Congressional Budget Office forecast a 2.2% contraction in 2009, a performance that would mark the worst year since World War II. CBO expects the U.S. unemployment rate to peak at around 9% in 2010.

The Blue Chip consensus of private economists, meanwhile, is for a 1.1% contraction in economic growth this year.
The White House said that the strength of recoveries from recessions historically is correlated to the depth of the preceding downturn, a view that could be used to explain why its growth forecast for the next two years is so rosy.

Read more: http://www.easybourse.com/bourse-actualite/marches/upda...

[MidwestTransplant]

1. What a tool.

[SemiCharmedQuark]

2. Right. So if the economy improves, it's Bush's doing. And if it doesn't, it's because Obama s

screwed up Bush's great plan.

[treestar]

9. Exactly! Freepers everywhere are already prepared to argue this anyway!

[Taverner]

3. Well DUH!

2nd or 3rd year of Obama admin things will get better. Maybe not much, but they will be good enough to raise the consumer confidence index.

[jimshoes]

4. Oh I do hope that after Jan 20 the frickin' media

will no longer feel the need to seek out the opinions of anyone in the former misadministration and report them as if they have any credibility or that anyone give a rat's ass what any of them thinks any more.

[onethatcares]

5. wait a minute, these assholes have been wrong or lying about everything

they've ever done, why should we believe them now???? I hope things get better, for all of us, but I'm not gonna bet the farm on what these dipshits say.

[rpannier]

6. I've known for a few weeks that this year is going to be economically the worst in US history

Pat Robertson told everyone that God told him that this year the economy was going to grow

Pat has yet to hear anything correctly ffrom God

[machI]

7. Why does anyone even listen to Bush

He is toast. January 20 he becomes a bad memory.

[merwin]

8. Worked for Reagan with the Iran hostage crisis.

Carter does the work and Reagan took the credit.

Spin is everything.

[fortyfeetunder]

10. Sounds like a set-up.

I think this is a last gasp attempt to make the current administration look as if they had done something other than the predicament we are on now.....

[No Elephants]

11. Another pathetic attempt to make this "Obama's recession," even before he

takes office. Democrats should be emphasizing that it will be a testimory to the Obama admin if they get us of this in ONLY four years. That is a lot closer to the truth.