White House: Unemployment at 9% until 2012

money.cnn.com...

The White House said Friday it expects that unemployment will stay at or above 9% until 2012, but at the same time forecast that the economy will grow by at least 4% in 2011 and 2012.

It also revised its long-term deficit estimate under President Obama's proposed 2011 budget: The administration now believes the 10-year deficit will be $58 billion less than projected in February when the budget blueprint was first released.

Under the revised estimates, Uncle Sam will ring up $8.474 trillion in deficits between 2011 and 2020, down from the $8.532 trillion estimated in February.

In the near-term, the administration expects the 2010 deficit to come in at $1.47 trillion -- slightly lower than originally forecast and slightly above last year's deficit of $1.41 trillion. Meanwhile, the 2011 and 2012 deficits will come in somewhat higher than the White House forecast in February.

9% unemployment for 2 more years!? This is completely insane.

And their metrics are always suspect at best.

So unemployment is 9% while companies like Apple and Microsoft post record earnings.

It is gonna be awesome when the have-nots raise up against this system based in inequality.

reply to post by Misoir


Under the revised estimates, Uncle Sam will ring up $8.474 trillion in deficits between 2011 and 2020, down from the $8.532 trillion estimated in February.

Thats like no difference at all...Where do they pull these BS figures from?

Good to see that Obama has made it clear nothing will improve until AFTER the next election..
Remember that at the ballot box!!

[edit on 23-7-2010 by virgom129]

So Resident Obama is leaving in 2012 and everything will get better? Definitely makes sense. These companies are posting record profits because all their crap is made in China at a dollar a hour. If you can't make a profit at that you really have problems.

reply to post by virgom129


So who are we supposed to vote for?

We will have the choice of one of the following three options.

1. Obama or Palin
2. Obama or Romney
3. Obama or Gingrich

We're screwed.

reply to post by Misoir


Thank goodness! Unemployment will continue to be high only until 2012!
After that all will be rainbows and peaches with vanilla ice cream. Whew!

I'm gonna make sure to vote for Obama in 2012. He will fix things after that date. It's obviously out of his control for the next 2 years.

By the way, it's Bush's fault. A bit more than two years from now, it will not be that guy's fault anymore, and Obama will fix it all.

Somehow it reminds me of Richard Nixon, in 1968, saying he was going to end the Viet Nam War. When it didn't happen, he asked for 4 more years to do what he had been doing. And then all would be well.

Rainbows, hell, double rainbows, blackberries as large as your big toe, and twice as sweet! And jobs, jobs, jobs. Oh, wait, we will never get back to those numbers of jobs. Not my words. Words that come out of the Whitehouse. Oh, yeah, that was just Joe Biden talking. He's an idiot. Not worthy of being the POTUS. Just worthy of replacing the POTUS.


Man, if it all didn't have some way to effect me, I would just laugh at it all.

Oh, wait, it does effect me all, and I DO laugh!

Color me insane.........or not............

It's 10.5 % in Georgia. But of course as people have already mentioned, those are just new and existing claims and doesn't include people long gone off the rolls and still unemployed.

Rates by State

Unemployment with Some State Statistics

[edit on 7/23/2010 by ~Lucidity]

reply to post by Misoir


Maybe what a lot are saying is true..

There are NO honest parties (just the odd honest pollie) to vote for and its time the PEOPLE took back their country...

Maybe "No Election" is whats needed.....

Change? So how's that workin' out for ya? (Say it with your best Dr. Phil impersonation).

The haves, have a track record of success. They don't need paychecks, because they've successfully invested in sources of recurring income. Give the haves money, and they'll spend some of it, but wisely invest the bulk of it which creates jobs. That's what they do.

Unfortunately is you can't stimulate the economy by giving money to the have-nots. The have-nots don't have a track record of success. Give the have-nots money, and they'll (we will) simply pay off bills. They (we) won't invest it. Paying off bills does not stimulate the economy, does not bring back jobs.

The current administration believes in wealth redistribution. This burns money while also deflating assets, destroys wealth, and reduces jobs.