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-   -   Rosy Scenario, or the Audacity of Hope? (http://www.politicalwrinkles.com/economics/6444-rosy-scenario-audacity-hope.html)

cnredd 03-02-2009 02:02 AM

Rosy Scenario, or the Audacity of Hope?
 
Rosy Scenario, or the Audacity of Hope?

Quote:

Here (in red) are the growth forecasts used to put out the new Obama administration budget, followed by the consensus forecast of a panel of "Blue Chip" private forecasters (in blue, naturally). (Source. Go to Table 3.)

2009: -1.2% -1.9%
2010: +3.2% +2.1%
2011: +4.0% +2.9%
2012: +4.6% +2.9%
2013: +4.2% +2.8%

Accumulating the difference, you find that Team Obama projects about 6 percent higher GDP in 2013 than do private forecasters.

Economists wonder: Rosy Scenario makes a comeback?

Quote:

The Obama administration's outlook has private economists wondering: Has Rosy Scenario made a comeback?...

Nariman Behravesh, chief economist at IHS Global Insight, a major private forecasting firm, called the administration's forecasts "way too optimistic" and said it could represent a return to the overly optimistic forecasts of previous administrations confronted by surging budget deficits.

"They used to joke during the Reagan years that the highest ranking woman in the administration was Rosy Scenario," he said. "We may be seeing a return of Rosy Scenario."

History repeating itself...

The whole reason this country's credit is in such a mess is because of irresponsible people justifying their current credit by believing (against reality) that everything will go their way in the future...

Now it's being done on a federal level with taxpayer money...:mad


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