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2009-01-10 Home Front Economy

Budget office forecasts long, deep recession

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Posted by Besoeker 2009-01-10 00:00|| || Front Page|| [11129 views ] Top

#1 "the dramatically bad effect of a bad economy on tax revenues."

This is true for all levels of government, in all developed countries.

Governments are trying to cover their shortfalls by borrowing, but we are on the verge of a lenders revolt as they realize these debts can never be repaid in uninflated dollars/pounds/etc.

2009 will be the year governments ran out of money.

BTW, reading chicken entrails is as accurate as the economic models they are using to predict the end of the recession in 2010.

Posted by phil_b 2009-01-10 01:45|| 2009-01-10 01:45|| Front Page Top

#2 I couldn't put my fingers on the problem

Posted by GolfBravoUSMC 2009-01-10 02:06|| 2009-01-10 02:06|| Front Page Top

#3 I dunno. I am seeing pretty good indications of a bottom forming up in the real estate market. Unemployment is more due to states increasing their minimum wage rates on Jan 1 causing many small businesses to cut staff. California's increased unemployment, for example, is probably mostly caused by increases in the minimum wage.

it is more complicated than people want it to be.

Posted by crosspatch 2009-01-10 03:53|| 2009-01-10 03:53|| Front Page Top

#4 Why not forecast budget cuts? What do I pay you for?

Posted by newc">newc 2009-01-10 04:26|| 2009-01-10 04:26|| Front Page Top

#5 If I was John McCain, I'd be calling Obama to congratulate him again on his election victory. But, I guess, John is not that kind.

Posted by g(r)omgoru 2009-01-10 04:34|| 2009-01-10 04:34|| Front Page Top

#6 Minimum wage increase causing unemployment? Come on, it's far too early for any sort of effect, quit the wishful thinking or whatever that is.

Time was, we had a deficit, we cut spending. I suppose Obama won't be doing that, though.

Posted by gromky 2009-01-10 07:03|| 2009-01-10 07:03|| Front Page Top

#7 You never hear about federal government layoffs. It's obscene.

Posted by Hellfish 2009-01-10 09:42|| 2009-01-10 09:42|| Front Page Top

#8 You never hear about federal government layoffs.

Yep, we've seen it when the downsized the military in the 90s. The Army went from around 900,000+ to 480,000 by the time Clinton I moved on. Of course we found out later, that was a little too much but still dawdled around before upping it a mere 30,000, on a temporary basis. Now if Obama wants to create 'new' jobs, how about increasing the force structure by a couple hundred thousand? Nah, were're the handout votes in that? /rhetorical question

Posted by Procopius2k 2009-01-10 10:02|| 2009-01-10 10:02|| Front Page Top

#9 LOL!, g(r)om.

Posted by Mike N. 2009-01-10 10:25|| 2009-01-10 10:25|| Front Page Top

#10 *agh!! the Greenspan pic!*

/thinking of those hands pawing Andrea Mitchell

Posted by Frank G">Frank G 2009-01-10 16:53|| 2009-01-10 16:53|| Front Page Top

#11 "In this town, I'm the leper with the most fingers."

Jake Gittes

Posted by tu3031 2009-01-10 16:56|| 2009-01-10 16:56|| Front Page Top

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