December 22. 2008

President-elect Barack Obama and his economic advisers are predicting the U.S. economy will get worse before it gets better. They cite new financial data illustrating the problem is worse than they previously thought. Clearly, the Bush administration's cover-up is unraveling and people are finding out the hard way that the president did a significant amount of damage to the economy and the nation’s finances.

President-elect Barack Obama

The only bright side is it came undone before Obama takes office, otherwise Bush would certainly publicly blame him, much like he is trying to blame former president Bill Clinton for the current state of the economy. It’s amazing how people believe stating something, as untruthful as it is, automatically makes it so. Clinton left America’s coffers richer, whilst Bush is leaving it poorer. And for what? A phony war.

Yes, Saddam and his regime were completely evil, but the damage Bush is leaving behind in Iraq is far greater in scope than anything he ever did. How do you explain that, Mr. Bush.

Obama fills econ team, says business will revive

CHICAGO (AP) — … "It will take longer than any of us would like — years, not months. It will get worse before it gets better. But it will get better if we are willing to act boldly and swiftly," Obama said — and he promised to do just that…

Obama declined to put a price tag on an economic stimulus plan he will propose, though economists who have been advising him have suggested a package of as much as $850 billion over two years.

http://www.google.com

Obama ups jobs goal to 3 million on bad economic news

WASHINGTON (CNN) -- President-elect Barack Obama has decided to increase his goal for creating new jobs after receiving economic forecasts that suggest the economy is in worse shape than had been predicted, two Democratic officials told CNN.

The officials said Obama is increasing his goal from 2.5 million to 3 million jobs over the next two years after receiving projections early this week that suggest the recession will be deeper than expected.

The projections showed that unless significant action is taken, the nation is likely to lose up to 4 million jobs over the next year and that the unemployment rate will probably rise above 9 percent, a transition aide told CNN.

http://www.cnn.com

Biden: U.S. Economy in Danger of 'Absolutely Tanking'

Vice President-Elect Joe Biden said the U.S. economy is in danger of "absolutely tanking" and will need a second stimulus package in the $600-billion to $700-billion range.

"The economy is in much worse shape than we thought it was in," Biden told me during an exclusive interview -- his first since becoming vice president-elect-- to air this Sunday on "This Week with George Stephanopoulos."

"There is no short run other than keeping the economy from absolutely tanking. That's the only short run," Biden told me.

http://blogs.abcnews.com

Democrats Try to Lower Expectations

WASHINGTON -- Even as they depict a massive stimulus package as indispensable to turning the economy around, U.S. Democratic leaders are aggressively lowering expectations that the package will yield dramatic accomplishments quickly.

Rep. David Obey, who is playing a key role in assembling the stimulus plan, which is expected to approach $800 billion, said recently that an infusion of federal spending is "the only game in town." But the Wisconsin Democrat, who is chairman of the House Appropriations Committee, was careful to add: "The downward momentum appears too strong to end the recession anytime soon."

House Majority Leader Steny Hoyer's office said recently that "Congress needs to pass an economic recovery package to prevent any further decline in the economy" -- but cautioned, "recovery will not be immediate."

http://online.wsj.com