November 29, 2012
Re: 'Well, I think we have a final verdict on the Obama stimulus'Topics: Political News and commentaries
Barack Obama's economic team has consistently underestimated how great their policies would be. They've been wrong every time and their grand schemes have continued to delay true economic recovery. And as for just how big a failure Obama's stimulus has been ... well, as Jim Pethokoukis points out, it's now clear that the verdict is in and that it's been a dismal failure:
1. In August of 2009, Team Obama predicted GDP would rise 4.3% in 2011, followed by 4.3% growth in 2012 (and 4.3% in 2013, too).Read the whole thing.
2. In its 2010 forecast, Team Obama predicted GDP would rise 3.5% in 2012, followed by 4.4% growth in 2013, 4.3% in 2014.
3. In its 2011 forecast, Team Obama predicted GDP would rise 3.1% in 2011, 4.0% in 2012, 4.5% in 2013, and 4.2% in 2014.
4.In its most recent forecast, Team Obama predicted GDP would rise 3.0% this year and next, and then 4.0% after that.
Instead, GDP grew 2.4% in 2010, and 1.8% last year. So far this year, quarterly growth has been 2.0%, 1.3%, and 2.7% -- with maybe 1.5% in the current quarter. Instead of quarter after quarter of 4% growth, we've had just two: the final quarters of 2009 and 2001. Other than those, we've haven't had a single quarter with growth higher than this quarter's 2.7%. It's why we still have massive employment and output gaps.
Posted by Hyscience at November 29, 2012 1:22 PM
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