Oh no, who would have thought. Shortly after it was announced that the 10-year deficit will be $2 trillion higher than the White House predicted a few months ago, the Congressional Budget Office says that next year’s unemployment will also be higher.
2.3 million more people will be unemployed. That means that the average unemployment rate next year is 10.2%.
CBO and OMB project a weaker economy in the remainder of 2009 and in 2010 than they projected at the beginning of this year before enactment of the stimulus.
How much weaker?
Based on CBO’s forecast for the average unemployment rate in calendar year 2010, 2.3 million fewer people will be employed on average next year than they projected in January.
That’s bad news for Americans, of course, but rather good news for Europeans. Especially for fiscal conservative Europeans.
Why, you ask? Simple; it’ll give us something to work with. Whenever European far-left parties and politicians cook up idiotic plans for the economy that – as usual – involve expanding the size of government, we can tell voters to look at the United States and say “is that what you want? Didn’t think so.”
In a way that means that Obama has accomplished something: he’s teaching us how not to do it. Thanks Barack!
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