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Non-Partisan CBO: Real Unemployment is 10%

Melensdad

Melensdad

Jerk in a Hawaiian Shirt & SNOWCAT Moderator
Staff member
GOLD Site Supporter
Linky dinky do => http://www.zerohedge.com/news/latest-congressional-budget-outlook-2012-2022-released

This has to be some bad news for the Obama administration and all those who love big government interference in the economy with all the picking and choosing of winners and losers with our tax dollars paying the bills.

But is that reasonable?

Here is a fun little analysis that shows that the CBO is really a pointless organization since it only "scores" budgets and makes its forecasts based on the limited information that Congress chooses to spoon feed it.

Latest Congressional Budget Outlook For 2012-2022 Released, Says Real Unemployment Rate Is 10%

What do the NAR, Consumer Confidence and CBO forecasts have in common? If you said, "they are all completely worthless" you are absolutely correct. Alas, the market needs to "trade" off numbers, which is why the just released CBO numbers apparently are important... And the fact that the CBO predicted negative $2.5 trillion in net debt by 2011 back in 2011 is largely ignored. Anyway, here are some of the highlights.

2012 Deficit: $1.1 trillion; 2013 Deficit: $0.6 - yes, we are cackling like mad too...
Unemployment to remain above 8% in 2012 and 2013; will be around 7% by end of 2015; to drop to 5.25% by end of 2022.
This forecast is utterly idiotic and is completely unattainable unless the US workforce drops to all time lows and the US economy generates 300,000 jobs a month for 10 years​

Needless to say, CBO assumes the best of all worlds in this meaningless forecast

But here is the kicker: "Had that portion of the decline in the labor force participation rate since 2007 that is attributable to neither the aging of the baby boomers nor the downturn in the business cycle (on the basis of the experience in previous downturns) not occurred, the unemployment rate in the fourth quarter of 2011 would have been about 1¼ percentage points higher than the actual rate of 8.7 percent" translation: CBO just admitted that the BLS numbers are bogus and real unemployment is 10%. Thank you. . .
Click to expand...
See the link above the the full story!​
 
muleman

muleman

Gone But Not Forgotten
GOLD Site Supporter
The scammer in chief better be practicing his number lies for the campaign. He is running out of folks to blame stuff on. Axelrod will be a busy fella trying to spin some of this on folks who are out of work.
 
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