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No recession expected this year: Congression Budget Office

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posted on Jan, 23 2008 @ 10:44 AM
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No recession expected this year: Congression Budget Office


www.reuters.com

WASHINGTON (Reuters) - The slowing U.S. economy is unlikely to sink into an election-year recession and an economic rebound could begin as early as next year as housing and financial market turmoil fades, the Congressional Budget Office forecast on Wednesday.

In the meantime, the U.S. budget deficit will grow to $219 billion this year, up from the $163 billion registered last year, according to a CBO report submitted to Congress.

But that forecast by Congress' nonpartisan budget analyst does not include the cost of an economic stimulus measure that is quickly moving through Congress and could cost around $150 billion or more. The deficit projection for fiscal 2008, which ends September 30, also does not include more money Congress is likely to approve this year for the war in Iraq.

While CBO noted an elevated risk of recession, its outlook was weighted more toward the United States working through its current economic problems and escaping a full-blown recession.

"Although recent data suggest that the probability of a recession in 2008 has increased, CBO does not expect the slowdown in economic growth to be large enough to register as a recession," CBO said.

"CBO expects the economy to rebound after 2008, as the negative effects of the turmoil in the housing and financial markets fade," the semi-annual budget and economic report said.

Surveys of U.S. employers, CBO said, so far do not suggest they plan large future reductions in hiring. However, CBO noted that "such labor-market indicators could deteriorate suddenly."

(visit the link for the full news article)




posted on Jan, 23 2008 @ 10:44 AM
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I'm honestly at a loss for words anymore. These people are so out of touch with the average working american trying to support a family and make ends meet, that it's disturbing.

They all appear to live in an alternate reality, where everything is "happy time".

WE ARE IN A RECESSION YOU BUFOONS.

www.reuters.com
(visit the link for the full news article)



posted on Jan, 23 2008 @ 10:47 AM
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Wha...wha...WHAT?

Well, I guess if the fed cutting rates and our $800.00 rebates don't spur the economy, then bold faced lies might. This is unbelievable.



posted on Jan, 23 2008 @ 10:53 AM
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Goto cnbc, kissinger did a interview, and he is worried about protectionism. They must be debating about capitalism, and does it have a future.

Can the nwo exist without capitalism, who knows?



posted on Jan, 23 2008 @ 11:38 AM
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WOW, they mean to say since we blew our balanced budget,or sorry, surplus budget in seven or eight years into a radioactive hole of billions and our dollars is better off folded into paper airplanes than used to buy oil. There no recession indicators.Our economy and leaders are the laughing stock of the world not to mention the downfall of it, due to it's co-dependancy for purchase of oil. WOW

I don't care about the NWO or wwf whatever it is thes days

I WANT SOMEBODY TO HANDLE OUR MONEY WHERE'S ACCOUNTABILITY
THEY SHOULD FIRE THAT GUY RIGHT NOW!!!!
What does the U.S. Treasury even exist for

I think I just had a stroke



posted on Jan, 23 2008 @ 11:41 AM
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Perhaps they should pick up a newspaper and check out some of the more interesting article.

Like houseing starts are down. There are record numbers of forclosures, the stock market is tanking and many companies are laying people off.



posted on Jan, 23 2008 @ 11:42 AM
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This is like trusting your dog to clean up his mess on the floor . If you belive just hard enough you may not notice it till you step in it again.



posted on Jan, 23 2008 @ 11:43 AM
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In other news...

Things that will happen this year -

The Lolly Pop Guild will ride Unicorns through the center of Kansas City.

Hell will freeze over.

Bush will tell the truth. (Sorry - had to throw that in)

Give me a break.



posted on Jan, 23 2008 @ 12:05 PM
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Originally posted by DimensionalDetective


I'm honestly at a loss for words anymore. These people are so out of touch with the average working american trying to support a family and make ends meet, that it's disturbing.

They all appear to live in an alternate reality, where everything is "happy time".

WE ARE IN A RECESSION YOU BUFOONS.

www.reuters.com
(visit the link for the full news article)


But is it humanly possible to be that stupid? They know exactly what is going on, and as usual, they believe if they say something often enough, eventually that makes it true for the millions of brainwashed sitting in front of their televisions.

And they do live in an alternate reality where they have enough wealth to withstand whatever happens. Maybe everything in their reality is just fine. Maybe everything is going exactly as planned.



posted on Jan, 23 2008 @ 01:04 PM
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reply to post by kattraxx
 



Very true. It's been working for so long now, I guess their mantra is, "why stop?"

But as our poverty levels and cost of food and fuel keep rising and outpacing our earnings, and the middle class disappears entirely, will people have no other choice but to awaken from their brain-washed slumber?

It appears, at least to a small degree, that some are starting to.

Hopefully it's not to late.



posted on Jan, 23 2008 @ 01:11 PM
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That's their job to lie, don't forget people.They are paid for that straight up

Everything's ok, the boat's not sinking, we're 6 feet deep under the sea level, situation is under full control.How many time will you be fooled

As far as i know the years with a presidential election always are somewhat "harsh" for the markets, at least in my country.
So if make an extrapolation to the U.S, that could be the beginning of the end, although my feeling is that you, there, are already at this point on the timeline.

But i'm confident, once this world as we know fall off the U.S will find the magic trick available for the next 20 years or so.That's why we like the U.S for, don't we? That and hollywood, oh Yeah.

As a general advice for you, the middle class' guys reading this, I would advise to start pilling some water a.s.a.p. aswell as pasta & rice.
Also consider to not buy a second hdtv & maybe resell the first you just bought at Christmas because once everybody will sell theirs on ebay their price will lower at the speed of light.

Just my two cent



posted on Jan, 23 2008 @ 01:16 PM
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Sure no recession on the horizon.
The check is in the mail.
I'll respect you in the morning.
I'm from the govt. and I'm here to help you.


respectfully

reluctantpawn



posted on Jan, 23 2008 @ 01:52 PM
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For what it's worth: someone has posted on the Dow Plunges 500 thread that his brother works in a major bank in Canada and has told him that the bank has received hundreds of calls from customers wanting to get their money out in the past two days.

Any bank employees out there have any similar information?



posted on Jan, 23 2008 @ 01:57 PM
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My aunts an editor for the wallstreet journal. I will try to get in contact with her to see what the scoop is .
Hopefully she isn't too busy.



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