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Obama’s Forecast Failures

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posted on Sep, 28 2012 @ 10:02 AM
Obama’s Forecast Failures

This article highlights a "forecast" by some economists in January 2009 (Jared Bernstein and Christina Romer) that said that Obama's 2009 "stimulus" was necessary because it was going to keep unemployment under 8%.

Jared Bernstein and Christina Romer also said if Congress did not adopt Obama's "plan", the unemployment rate would rise to 9% and then drop down to 6 percent by the third quarter of 2012.

These two "economists" pushed this in January 2009, shortly before Obama was sworn in as President.

Both became "White House economists" when Obama took office.

Well Congress (Democrat majority) did go with the Obama stimulus and we see what happened.

Maybe the "9% and then 6%" "plan" would have been better ?

Maybe businesses, not government would have done a better "job" ?

The article also features Obama deputy campaign manager Stephanie Cutter talking about creating 12 million new jobs

In January 2009, before Obama took office, his future economists Christina Romer and Jared Bernstein released a report projecting the effects of the incoming President’s proposed stimulus package. In the forecast, Romer and Bernstein predicted that the stimulus would prevent the unemployment rate from ever hitting 8 percent. If Congress didn’t adopt the President’s plan, the unemployment rate would rise to 9 percent but fall back down to 6 percent by the third quarter of 2012, they argued. In reality, Obama’s massive stimulus package was adopted and the unemployment rate rose to 10 percent in October 2009 and currently sits at 8.1 percent—a number achieved only because millions have given up looking for work altogether.

In June 2010, the Obama Administration claimed the “Summer of Economic Recovery” had arrived. Treasury Secretary Tim Geithner welcomed Americans to the recovery in August 2010. But as of summer 2012, “Americans [were] still waiting for the recovery,” according to Sen. John Thune (R., S.D.). The economy has yet to recover. Unemployment remains above 8 percent and the economy consistently adds less than 100,000 jobs per month.

Obama’s Forecast Failures

We know that Obama is no economist.

And it looks like he is listening to other "non economists"

Obama deputy campaign manager Stephanie Cutter in all her stern seriousness....


Obama deputy campaign manager Stephanie Cutter told MSNBC Wednesday that it is "reality" that 12 million jobs will be created over the next four years.

Cutter attacks Romney's 12 million jobs plan

She's a beauty and looks real "trustworthy"

She reminds me of a maniac more than anything else.

posted on Sep, 28 2012 @ 10:37 AM

The administration, and most other economists at the time the Bernstein/Romert report was released, just had bad information for making projections about employment, Bernstein said.

“Look, we made that projection back in 2008 at a time when the most recent information about the economy was that it was contracting at a rate of less than 1 percent,” Bernstein said. “At the time, we simply didn’t have good information. We now know with revised data that in the very quarter where we made that wrong projection, the economy was contracting at almost 9 percent.”

“So the statistics were way off at the time,” Bernstein continued. “It’s also the case that that forecast that we gave back then was the consensus forecast of the economics community. I mean, it wasn’t just that we were wrong. Everyone was wrong. And I think it’s largely because we just didn’t have a clear picture yet of how bad this recession actually was going to be.”

Way to cherry pick OP.


posted on Sep, 28 2012 @ 10:45 AM
reply to post by Grimpachi

Well of course they are "admitting" mistakes from time to time recently.

Many failures have been exposed and they are attempting to cover their rear ends now.

They are re-hashing the same old promises over and over.

They can't hide from the Sun however.

The voters now understand.

as they say .... Bye-Bye birdie.

posted on Sep, 28 2012 @ 10:47 AM
reply to post by xuenchen

The entire Obama presidency has been a failure.

November can't get here soon enough.

I think Obama has already written his concession speech.

The USA GDP has slowed down to 1.3%.

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