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White House downgrades 2012 jobs, economic forecasts; cites 'turbulence'


WestVirginiaRebel

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WestVirginiaRebel
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The Hill:

The Obama administration downgraded its forecast for economic growth Thursday, predicting turmoil in the economy will likely keep unemployment above 9 percent through next year’s election.

The unemployment rate is considered to be one of the most important factors in presidential elections, so if the White House’s assessment holds, President Obama is in for one of the toughest reelection fights in memory.

When the “substantial” economic “turbulence” of the last two months are considered, the administration expects the economy to grow as little as 1.7 percent in 2011 compared to last year. That is down from a rosier projection of 2.7 percent growth, made in February.

“The economic projections made clear that in the short-term, in particular, there is a real need to kick-start economic growth,” White House Budget Director Jack Lew said.

The assessments on unemployment are contained in the administration’s midsession budget review, which is an update on the president’s February budget request.
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Downgrades all around.
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If they are making this change in their forecast now, what is the point of Thursday night's speech? It is supposed to be about the economy and jobs, but they are admitting that neither of those situations are going to change much in the next year.

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