May 12. 2009

President Barack Obama (Getty)

Economists are questioning White House projections regarding the U.S. economy, stating such erroneous predictions destroys the administration's credibility. Optimism is essential, but facts will prevail at the end of the day.

Hope is great, but it must be tempered with sound sense, good decisions and understanding of matters that can lead one astray, if not handled correctly.

Deficits soar even with rosy assumptions in new Obama budget

White House see steeper deficit - WASHINGTON — The White House on Monday projected 2009 and 2010 federal budget deficits far higher than it forecast just two and a half months ago, even as it continued to defy most experts and predict that the economy is headed for a strong comeback starting late this year.

Economists scoffed at the latest administration predictions. "If they keep playing this game, they're going to have real credibility problems," predicted Brian Bethune, the chief U.S. financial economist at IHS Global Insight, an economic research firm…

  http://www.mcclatchydc.com

U.S. stimulus to save 3.5 million jobs by end 2010: official

Mon May 11, 2009 5:43pm EDT - WASHINGTON (Reuters) - The Obama administration's fiscal stimulus plan will meet previous estimates to save 3.5 million U.S. jobs by the end of 2010, but the unemployment rate at that time may be higher due to further deterioration in the economy, a senior administration official said on Monday.

http://www.reuters.com