With all of the economic predictions floating around, who should we listen to?
Barack Obama recently said job losses are “bottoming out” as the U.S. economy recovers, but advised against cutting government spending “so soon that the recovery doesn’t take flight.”
But, we should remember that Barack Obama’s administration openly “predicted that the passage of a large economic-aid package would boost the economy and keep the unemployment rate below 8%.”
Unfortunately, the last time I checked the unemployment rate was 9.6%, and many websites such as Shadow Government Statistics predict the unemployment rate is much higher than our government is willing to admit. Shadow Government Statistics computes the unemployment rate using the historical statistical standards once used by our government.
Joe Biden also admitted that the administration “misjudged the economy.”
With that said, I think it is pretty clear we should not be listening to the Obama administration’s economic predictions.Published in