Thursday, January 14, 2010

Great Expectations

A year ago the Obama administration predicted that the unemployment rate would fall to about 6% at the end of 2011 if the stimulus passed.

CBO now sez:

WASHINGTON (Reuters) – The U.S. unemployment rate, currently at 10 percent, is unlikely to drop below 8 percent before 2012 unless Congress takes further steps to boost the economy in the short term, the nonpartisan Congressional Budget Office said on Thursday.

Perhaps someone should do something?