Saturday, February 14, 2009

CBO projects what?

Click on the data for the projections as of December 12th 2008...

They projected an average of 8.3% unemployment for 2009, and 9.0% for 2010, reflecting the idea that even if the economy gets better, unemployment will not recover until next year. I think all economists would agree that we will not see month-on-month employment gains this year. It's just not in the cards. It also seems clear we'll hit 8.3% unemployment sometime in about 4-6 weeks, with additional increases in the unemployment rate for each of the following nine months.

The CBOs most current estimates are already a straight-up joke.

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