December 12, 2011

JAMES PETHOKOUKIS: Obama’s strange, revisionist history on ‘60 Minutes.’ “Actually, Obama did overpromise—and underdeliver—on dealing with the U.S. economy. Back in August 2009, the Obama White House put out its updated economic forecast. Now, this was after the $800 billion stimulus had passed and, technically, after the Great Recession had ended. Here is where the White House thought the economy was headed over the next few years.” Hint: Not where we wound up. “Talk about overpromising. According to the 2009 Obama forecast, 2011 was supposed to start a five-year mini-boom where GDP growth averaged 4 percent, taking the unemployment rate down below 6 percent by 2014. But few outside economists are so rosy today. The latest Wall Street Journal survey of economists predicts the unemployment rate will still be above 7 percent through 2014 with GDP growth averaging a subpar 2.5 percent. The White House explanation is that no one knew back in 2009 how bad the Great Recession really was. Indeed, instead of contracting by 2.8 percent in 2009, as indicated in the above chart, GDP actually contracted by 3.5 percent. Yet even after 2009, the White House continued to be strangely bullish.”

Obama lied, the economy died. Related: February 2009: Obama Vows To Cut The Deficit In Half By End Of His “First Term.”

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