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White House Forced To Admit Economic Forecast Was Wrong

May 11, 2009 By Joan of Snark

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Last November White House Chief of Staff Rahm Emanuel opined, “Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.”  And so instead of following the time-tested, crucial first step in crisis management – stop and assess the situation – the Obama administration furiously wrote scripts to pander panic and went into a full-blown feeding frenzy, throwing billions of hard-earned taxpayer money to stimulate, to TARP, and finally to “budget” the country out of the current financial crisis.  A financial crisis, mind you, that was orchestrated by Treasury Secretary Tim Geithner and the Democratic majority in Congress during the Bush administration.

There were some less self-absorbed, cooler heads who pointed out that the economy would recovery quite nicely all by its lonesome, thankyouverymuch, if we did absolutely nothing.  If we let the poorly-run companies fail and the free market prevail, natural law would soon show all the bluster as little more than a blip on history’s radar.

They were right.  (Check out this chart that tells the story much better than words.)

It is being reported today that the much-vaunted economic recovery just ain’t happenin’.  And it ain’t gonna happen at all this year; we’ll be lucky if we see some relief next year.  There are no jobs being created – as promised – just more and more jobs continuing to disappear.  Christina Romer, chair of the White House Council of Economic Advisers, took advantage of the piss-poor forecasts to tell everyone that the real problem isn’t the government spending trillions of dollars it doesn’t have to take over the private sector; no, no, the real problem is all the money the government spends on health care.

So of course the answer is to applaud the President cutting a piddly one-half of one percent from the budget (that’s .05%) and to encourage the insanity of spending an unfathomable amount of money – that we don’t have now and won’t have later – to nationalize health care. 

I keep flashing back to FDR’s same failed “progressive” policies and that it was only WWII that pulled us out of the Great Depression.  And sometimes I fear we are being deliberately set up for another great war.

Works for me if all the Democrats are drafted to the front lines first and our Commander in Chief leads the charge himself, flanked by Pelosi, Reid, and Frank.  But then, that teleprompter would make him such an easy target….

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Filed Under: Truth In Reporting Tagged With: economic forecast, failed stimulus, no economic recovery

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